Similar to our New Construction Loan program, the initial process required for funding remains the same but the loan amount range is significantly less to renovate versus build. The interim financing, as interest only payments, is also similar to our new Construction Loans but are limited to a maximum of 12 months in duration. After the renovation phase is completed and approved for occupancy by governing agencies, the loan is transitioned into permanent financing. Principal and interest payments are due for the approved term or the program. OCCIF can lend up to 80% of the total appraised value of most projects.