This program is designed to provide a business loan for a Builder who has a contract to sell the home once the property is completed.

The Normandy Advantage:

  • Loan amounts from $100,000 to $3,000,000
  • Loan amounts of up to 75% of the contract price on conforming loan amounts, otherwise up to 70% LTV (Cross collateralization allowed on other properties, if needed.)
  • New Builders will be considered
  • Land purchase may be included in the construction loan. Please call for a quote.
  • Foreign Nationals are eligible for this program
  • Deal directly with the Loan Officer/Underwriter
  • Fast pre-qualification, typically within 3 to 5 business days, closing typically within 21 days (fast track closings 14+/- days available)
  • Loans are available to Borrowers with excellent to less than perfect credit
  • Flexible draw schedules
  • 1 to 4 family homes, see Multi-Family for more than 4 units
  • 12 month construction term (longer terms considered on an exception basis)
  • Interest only payments based on funds advanced
Rates and Fees

  • Rates: 8.45% to 9.95%
  • Loan Fee: 1.375% to 2.00%
  • Rates and Fees based on credit, income, savings and LTV
  • Application Fee $450, Fast Track Application Fee $1,250
  • Underwriting Fee: 450
  • Maximum Broker Fee: 1.50% to 2.00% (subject to Broker Compensation option)

Loans available in the following states: AK, AL, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, ME, MI, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WV, WY

To start the pre-approval process, download the Loan Submission Form above and include a completed 1003, Tri-Merge Credit Report and appraisal if available.

Documents required for a full application package. Submit by Email, USPS or overnight mail ONLY:

  • Normandy Loan Submission Form
  • Fully Completed and Signed 1003 application
  • Tri-merge Credit Report for Borrower(s)
  • Current month pay stubs (for W2 Employee)
  • 2 Years Tax Returns Including all Schedules and W2's (if applicable)
  • Asset Verification (2 Months statements for all accounts including checking, savings, 401k, IRA, stocks, other)
  • Legible copy of a valid drivers license for Borrower(s)
  • Verification of deposits to the Builder (if applicable)
  • Construction Cost Breakdown or signed and accepted Building Contract
  • Signed and Accepted Purchase Contract for Land/Lot with proof of deposit or Closing Statement on Land/Lot Purchase
  • Plans & Specs and Survey Map
  • Satisfactory Appraisal to be ordered by Normandy. Appraisal fee must be paid in advance. (Normandy may accept the Buyer's appraisal, if available)
  • Signed and Accepted Broker Fee Agreement
  • Completed Builder Profile (Normandy Form)
  • Proof of Buyers mortgage approval
  • Purchase contract between the Builder and Buyer