Construction loans and once again construction for not construction like you you're gonna build an apartment building

Like this is if you buy a plowed up land correct and you just want to build your house as opposed to building a house buying a house

It's already built correct

So you know typically like you say you buy you get a piece of land and now you need funding for it

So there's two ways you can go about it if you're the consumer if you're the home buyer

You can buy the land or cash which I would recommend

I'm bought it whether it's cash or you use a credit card whatever means you you find to buy that piece of land because I feel like

This is the easiest way to do a construction loan and then now you go to the bank to get a

Construction a permanent loan. We're now that construction permanent loan. It's basically treated like a refinance now

Because since you already own the property and so there's no rush

Right to get your plans and your permits and things of that nature because with most construction loans when you're talking

Primary residences which this conversation is about the bank is only going to give you a construction time of nine to 12 months

So we all know permits can take six months

So if you do a one-time closed construction loan which is you're buying the land and

Trying to get the construction loans simultaneously and you're using the bank for the finance and of the land as well

That's when I see problems arise because you're not technically the owner of that property

So you can't go out and submit architectural plans to the town that you're buying the property in until after you close

Because you technically don't own the property unless the seller of the property is willing to

Submit the plans on your behalf which in most cases they're not going to do that, right?

So it's much easier for you to acquire the land on your own

Then use the bank for the construction loan to build your home and the reason being again is because

Architectural plans can take depending on the scope of your work that can take two to four months

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