Finance
A construction loan in Oklahoma is typically converted to a permanent mortgage upon:
ACompletion of framing
BFinal certificate of occupancy and completion of construction✓ Correct
CThe first draw of funds
DSale of the first unit in a multi-unit project
Explanation
Construction loans are short-term loans that fund the construction phase. Upon completion (evidenced by a certificate of occupancy), the construction loan is typically converted to or replaced by a permanent take-out mortgage with standard amortization.
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