Anyone familiar with delayed purchase financing?

I purchased a property (land w/ a shell of a home) in cash, and I reached out to lenders for a loan to finish the property.

I found 1 lender who does portfolio loans that are delayed purchased financing. The rate was 8% when I started chatting with them a few months ago. I’m about to close & rates have gone down 1.5-2%. Wondering if there a way to capture the new market rate, or if those types of loans are treated differently? TIA.

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