Finance
In South Carolina, a 'construction loan' is typically:
AA long-term fixed-rate mortgage
BShort-term financing for building a property, typically converted to a permanent mortgage upon completion✓ Correct
CA government-guaranteed loan for affordable housing construction
DA loan secured by agricultural land only
Explanation
A construction loan provides short-term financing for building a property, with funds disbursed in stages as construction progresses. Upon completion, it is typically converted to (or replaced by) a permanent mortgage.
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