Single Close Construction Loans

[Brian Allen]

Hey Everyone,

I have a lot in Los Angeles that is owned free and clear as well as full architectural documents and permits to knock down the existing house and rebuild a new single-family home. Im looking at several ways to finance the the construction piece, has anyone had experience with a single close construction loans? My understanding is its interest only through the construction phase and will "convert" to a 30 year fixed once construction is complete. All recommendations or alternatives would be greatly appreciated.