Question about new home loan

A quick summary of the situation. I work in construction and a homeowner told me today that his loan expires on December 1st so he was curious if we were still on schedule to finish before then. It sounded weird to me cause he's already taken draws out for the land and work completed already. I asked him what would happen if we encountered a delay that went passed that and he said he didn't know, but was making it seem as if the bank would cancel the loan. I don't see us going past that date, but since he brought it up it has me curious. It's a family business and I've only been here a couple months so I still don't have the answers for a lot of things. I'm trying to find out what's going on without having to ask anyone for help and google isn't doing me any favors.