Financing a custom build is different than buying an existing home. You typically need a **Construction-to-Permanent Loan** (often called a One-Time Close loan).
How it Works
1. Closing: You close on the loan once before construction starts. This saves you duplicate closing costs and locks in your rate.
2. Draws: During construction, Apex submits “draw requests” to the bank as milestones are reached (e.g., foundation poured, framing done). The bank inspects the site and releases funds to pay subcontractors.
3. Interest Only: You typically only pay interest on the money that has been paid out, not the full loan amount, which keeps payments manageable during the build.
4. Conversion: Once the home gets the Certificate of Occupancy, the loan converts to a standard 15 or 30-year mortgage automatically.
