One approval. One closing. One rate locked from groundbreaking through your permanent mortgage.
Building a home shouldn’t mean qualifying twice, closing twice, and paying for it both times. Our one-time close construction loan combines your construction financing and your permanent mortgage into a single loan with a single closing — so you lock your terms before the first shovel hits the ground and convert automatically to a long-term mortgage when the home is finished. No re-qualifying, no second set of closing costs, no rate surprise at the finish line.
It’s built for borrowers who don’t fit a bank’s narrow box — including the self-employed, business owners, and 1099 earners who can document income through bank statements, profit-and-loss statements, or assets rather than W-2s.
What you can do with it
- Up to 90% LTV on owner-occupied construction-to-permanent financing — as little as 10% down.
- Loan amounts up to $3,500,000 on flexible-income programs; conforming and high-balance financing also available.
- Credit from 700.
- New construction and major or gut renovation — replacing major systems, extensive structural repair, or building from the ground up.
- 15-, 20-, or 30-year permanent mortgage after conversion; interest-only during the build.
- Primary residences and second homes — single-family, PUD, modular, and up to 4 units; one accessory dwelling unit (ADU) permitted.
How a one-time close works
- One approval, before you build. We underwrite you and the project together and lock your construction terms up front.
- Interest-only during construction. You pay only on funds drawn as the build progresses, across scheduled draws tied to inspections.
- Automatic conversion. When the certificate of occupancy is issued, the loan modifies to your permanent mortgage — no new application, no second closing, with a one-time float-down option at conversion.
Flexible income — built for the self-employed
Traditional construction lenders want two years of W-2s. We don’t. Qualify through:
- 12- or 24-month bank statements (personal or business)
- CPA- or borrower-prepared profit & loss
- Asset utilization — qualify on liquid and investment assets, no employment required
- Or standard full documentation if that’s simpler for you.
Who it’s for
Self-employed and business-owner borrowers building a primary home, move-up buyers building custom, second-home and vacation-home builders, owner-builders who are licensed in the trade, and borrowers doing a gut renovation rather than a teardown-rebuild.
Looking to build or rehab investment property? That’s a different structure — see Ground-Up Construction under Commercial, which is measured on cost (LTC) rather than value (LTV).
Frequently asked questions
What is a one-time close construction loan?
It’s a single loan that funds both the construction of your home and your permanent mortgage, with one approval and one closing. Your terms are set before construction begins, you pay interest only on funds drawn during the build, and the loan converts automatically to a long-term mortgage when the home is complete — with no second closing or re-qualification.
How does a construction loan work?
You’re approved up front for the full project. Funds are released in scheduled draws as construction reaches each stage, each verified by inspection, and you pay interest only on what’s been drawn. When the home is finished and the certificate of occupancy is issued, the balance converts to a fully amortizing 15-, 20-, or 30-year mortgage.
How much do I need to put down on a construction loan?
As little as 10% on owner-occupied construction-to-permanent financing. Flexible-income (bank statement, P&L, or asset) programs typically start at 15–20% down. Gift funds are allowed toward the down payment on primary and second homes.
Can I get a construction loan if I’m self-employed?
Yes. You can qualify using 12- or 24-month bank statements, CPA- or self-prepared profit-and-loss statements, or asset utilization — no W-2s or tax returns required on alt-doc programs. This is one of the main reasons borrowers come to us for construction financing.
How do I qualify for a construction loan?
Generally: credit from 700, a down payment from 10%, a vetted licensed builder with a fixed-price contract, a complete budget with a contingency reserve, and documented income (full-doc or alt-doc). Reserves are required and the property must be a primary or second home on eligible land.
What’s the difference between a construction-to-permanent loan and a regular construction loan?
A construction-to-permanent (“one-time close”) loan rolls the build and the permanent mortgage into one loan and one closing. A standalone construction loan covers only the build, then requires you to apply and close a second time for your permanent mortgage — two approvals, two sets of costs.
What are the rates on a construction loan?
Rates are quoted per scenario based on your credit, down payment, term, and documentation — we don’t publish live rates. With a one-time close, the rate is locked before construction and held through the build, with a one-time float-down option at conversion to permanent.