Two-Time Close

For a Construction to Permanent Mortgage or Renovation Mortgage, a transaction structure where there are two separate closings for Interim Construction Financing and Permanent Financing. The Note and the Security Instrument for the Interim Construction Financing and the Permanent Financing are on a separate set of loan instruments. UCC-1 Financing Statement A UCC-1 Financing Statement is a financing statement under the Uniform Commercial Code evidencing a loan or lease secured by personal property, which may be recorded according to applicable State law to evidence and provide notice of the loan or lease.