An “end loan” is a permanent, long-term loan used to pay off a short-term construction loan or other form of interim financing. At some point, an end loan begins to amortize, although an end loan can have interest-only or other features that delay the repayment of principal. An end loan might be part of a combination or construction/end loan, which allows a borrower to deal with only one lender, file only one credit application and pay only one set of loan settlement costs. However, there are also disadvantages to dealing with only one lender in a combination or construction/end loan. Therefore, a borrower should carefully weigh the benefits of a combination/end loan against the risks.