Construction loans can be used to either construct a new building or renovate an existing facility. Funds for construction loans can be used to cover both hard and soft costs associated with a project. These costs can also include the cost of land acquisition, building construction or improvements, fees for professional services, appraisals, title work, searches, surveys, etc. Some construction loans can be fixed throughout the term or some may be on a floating basis off of either a Libor or Prime index. There are even some that convert to permanent financing once construction is complete. Contact an OCL advisor to assist you on your next construction project.
