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If you want to build a new home, construction loans are available from many commercial lenders and mortgage brokers. However, these loans can be difficult to get compared to other conventional.
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A construction loan is a short term loan for real estate. You can use the loan to buy land , you can build on property that you already own, and with some programs you can even renovate existing structures.
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Bank OZK Finances Dumbo Acquisition With $61M Loan – Bank OZK has provided a $61 million acquisition and construction loan for Alloy Development and The Davis Companies’ $52.3 million purchase of two connected properties in Brooklyn’s Dumbo neighborhood.
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