Renovation Lending: Used for purchase and repair of an investment property that will be a long term hold and the perfect step for both acquisition and renovation.
Fix and Flip Lending: As above and used for short term needs on properties that are being renovated for resale.
Partial Construction: For either renovation or fix and flip properties when the square footage (building footprint) is going to be increased.
These lending products are typically refinanced into permanent lower interest rate financing once fully completed if long term ownership is planned.