Here's what I've learned from our owner built timber frame and construction loans; Cut the entire frame, if at all possible, before you get the loan, if not possible do it anyway.
In NY construction loans are six months plus one six month extension, this is also true of the building permits (with a second fee for the extension).
In CT the loans are 12 months and building permits are open ended (but very expensive). I've managed to get one six month extension on the loan and am running out of time again. The bank and insurance company expect a CO in seven weeks and I'm still cutting joinery.
The biggest hassle is the insurance company, their accumulated data says that a project unfinished after 12 months isn't going to be finished. We had to go through hoops to keep our insurance company from dropping us and will be uninsured on May 1st.
