Commonwealth Housing/JP Brehony Homes is on the Approved List for many well-known local and national lenders who specialize in custom home construction financing. We will introduce you to several of these lenders, giving you choices as to rate, term, and program and making sure that you are comfortable with all of the financing arrangements. Typically, our clients secure a Convertible Loan (sometimes called a “Construction-to-Permanent” or “CP” loan). This loan begins as a construction loan to finance the cost of the Construction Contract and the Site Costs and converts into a permanent mortgage at the end of the job when your home is completed and ready to move into. The loan proceeds are disbursed to us in an approved draw schedule, and progress payments are released to us based upon the level of production and completion of your new home. These funds are wired into an account that has been set up specifically for the purpose of building YOUR particular house. From this account, we pay all of our suppliers and sub-contractors who have worked on your home.