Definitions for "Construction Loans"
A feature of a loan which funds the building of a new dwelling or commercial premise.
a loan specifically granted for the purpose of funding the building of a new dwelling. You are generally able to draw money as required, so you can pay as necessary.
A loan specifically granted for the purpose of funding the building of a new dwelling (or major renovations). Special conditions apply to these loans regarding the amount that can be drawn at any one time. Usually, a valuation is required prior to drawing down additional funds, to confirm that the work has actually been done