Finance
What is a 'construction-to-permanent loan' in South Carolina?
AA loan that funds only the land purchase
BA loan that funds construction and then converts to a permanent mortgage upon completion✓ Correct
CA commercial loan for industrial construction
DA bridge loan for existing property improvements
Explanation
A construction-to-permanent (C-to-P) loan finances the construction of a home and automatically converts to a traditional permanent mortgage when construction is complete, avoiding two separate closings.
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