A construction project, sometimes just referred to as a ‘project’, is the organised process of constructing, renovating, refurbishing, etc. a building, structure or infrastructure. The project process typically starts with an overarching requirement which is developed through the creation of a brief, feasibility studies, option studies, design, financing and construction.

Constructions can be financed in two ways. One way is to use two loans, a construction loan for the period of construction, followed by a permanent loan from another lender, which pays off the construction loan. Borrowers who use two loans must decide whether they will take out the construction loan, or have the builder do it. The second approach is to use a single combination loan, where the construction loan becomes permanent at the end of the construction period.