Building a home can be complicated enough. Your loan shouldn't be.
Why One-Time Close?
Traditional construction financing means two closings with two sets of fees, two appraisals, and rate risk between them. One-time close eliminates all of that. You qualify once, close once, lock your rate once. Interest-only payments during the build on what's been drawn. When construction is complete the loan automatically converts to your permanent mortgage.
No second closing. No surprises.
$1.2M build. Already owned the lot. Needed it done right...
They had the land, the builder, and the plans. What they didn't have was confidence that the financing wouldn't derail the whole thing. They'd heard the stories: delayed draws, builder walkouts, rate changes mid-build.
We structured a one-time close with a lender who handles everything in-house. Rate locked at closing. Float-down available if rates dropped during the build. Their builder got paid within 7 days of every draw inspection.
Zero delays. Zero surprises. The way it should work.
FAQs
Do I need to own the land first?
Not necessarily. Many one-time close programs allow the loan to include the land purchase and construction simultaneously. If you already own the land, its equity can often count toward your down payment requirement — reducing what you need to bring to closing.
Do I make payments during construction?
Typically interest-only payments on the amount drawn from your loan. If only $200K has been disbursed so far, you're paying interest on $200K — not the full loan amount. This keeps payments manageable during the build phase.
How long can the construction phase be?
Most programs allow 12 months for construction. Some allow longer timeframs for larger or more complex builds. We confirm the timeline with the specific program before closing so there are no surprises.
Do I need a licensed general contractor?
Yes — a licensed, insured GC is required for all one-time close programs. Owner-builder scenarios are not permitted. The lender reviews and approves the contractor and building plans as part of the process. I can help you understand what the lender is looking for from your builder.
What if the build goes over budget?
This is the big one — and why careful upfront planning matters. We work through the budget carefully before closing. Most programs have a contingency reserve built in. If costs significantly exceed estimates, additional financing may be needed. We plan for this from the start rather than discovering it mid-build.
Ready to break ground?
Let's talk through your build, your timeline, and the right loan structure before you commit to anything.
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