The following section describes the results of selecting different values for the Construction Type field on the Characteristics node.
If the Construction Type field is set to Construction Only in the Characteristics node, the loan terms are set on the Calculations tab of the Terms node.
OnBoard Loans does not have an Amortization schedule for loans with a Construction Type value of Construction Only. Loans with a Construction Type value of Construction to Perm only create an Amortization schedule for the permanent financing portion of the loan.
If the Construction Type is set to Construction to Perm, the permanent terms are set on the Calculations tab of the Terms node, and the construction terms are entered on the Construction to Perm tab. The system recognizes that the construction terms are for interest-only payments.