Finance
A construction loan that is converted to permanent financing upon completion of the building is called a:
ABridge loan
BTakeout loan
CConstruction-to-permanent (one-time close) loan✓ Correct
DHard money loan
Explanation
A construction-to-permanent loan (one-time close or single-close loan) automatically converts from construction financing to permanent mortgage financing upon completion of the building, saving the borrower from having to qualify for and close on two separate loans.
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