Bank of the Commonwealth Mortgage offers construction to permanent loans, lot loans, remodeling and bridge loans. One of our most popular residential construction loans is the construction-to-permanent loan, which acts as a first mortgage to construct or rehabilitate a primary residence, an investment property, or a second home. Lot loans are for those borrowers who are planning to build a home in the near future, generally within the next five years. The land purchase is initially financed with this loan, which eventually converts to finance the construction and finally the permanent mortgage on the property. Remodeling loans lend against the finished or "as completed" value of the property rather than the current value of the home as most other loans do. Finally, the bridge loan option allows borrowers to access equity in the current home to use for the down payment on a construction-to-permanent loan.