SPECIAL DISCOUNT- A special builder discount is available for Buyers who secure their own construction financing with a loan called a “One-Time Closing Construction Loan.” Please note that some lenders do not offer these types of loans. Ask your lender whether they provide such loans and let us know if you would like more information about this discount. This is a loan that the Buyer will secure that funds the construction of the house (instead of the Builder getting the construction loan), and the loan converts to a permanent loan when the construction is completed. Buyers can save money with this choice of financing since the Builder does not need to recover the closing costs and origination fees charged by a bank for a construction loan. The Buyer will have closing costs and origination fees when the Buyer’s loan is signed, but the Buyer does not pay these costs again when the loan becomes permanent. Therefore, there is only one set of closing costs and origination fees instead of two, and the Buyer can save money. The loan is funded through construction draws (progress payments) which are based on the percentage of completion of the house. When 20% of the construction is completed, the Builder submits a draw request to the Buyer who then forwards the request to the lender. The lender will verify the completion percentage and then provide funds to the Buyer who then pays the Builder. The Builder does not get funded until the work has been completed whether it is a One-Time Closing or whether it is through the Builder’s own construction financing, so the only difference in the process is that the Buyer is involved with each draw under the One-Time Closing arrangement. This funding process is the same process used with “All-Cash” buyers who do not use financing.