Builder Sold Loan

Builder Sold Construction Financing

Pre-Qualify (Consumer Use Only)
Contact Us

For a Rate and Fees quote call

800-390-7536

PRE QUALIFY NOW (Consumer Use Only)

Already have a buyer under contract? Normandy’s builder sold loan is designed for builders who have a signed purchase agreement in place and need home construction financing to complete the build. Unlike a spec loan, the buyer is identified before construction begins — making this one of the most efficient forms of new construction mortgage financing available to active builders.

Our construction mortgage loan disburses funds in draws as work progresses, keeping your cash flow predictable and your buyer’s timeline intact. With loan amounts up to $5,000,000 and new builders considered, Normandy’s builder financing programs work for builders at every level.

Rates and Fees 

 (Based on credit score, income, savings and LTV)

  • Rates:  Prime Rate plus 2.50% to 3.50%+  
  • Loan Fee: 1.50% to 2.00%+
  • Application Fee: $495
  • Fast Track Closing Fee: $1,250
  • Underwriting Fee: $495

General Guidelines*

  • Loan amounts from $95,000 to $5,000,000
  • Loan amounts up to 75% of the contract price on conforming loan amounts, otherwise up to 70% of contract price. Cross collateralization considered on other properties, if needed, for maximum or greater loan amounts.
  • 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
  • Full and Limited Income Documentation programs available
  • Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings 14+/- days available if certain criteria is met)
  • Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
  • Flexible draw schedules
  • 1 to 4 family homes, refer to Commercial Construction for more than 4 units
  • 12 month construction term with extensions available
  • Interest only payments based on funds advanced
  • New Builders will be considered
    *All rates and terms subject to change without notice

Loans Available in the Following States

  1. AK
  2. AL
  3. CA
  4. CO
  5. CT
  6. DE
  7. FL
  8. GA
  9. HI
  10. IA
  11. ID
  12. IN
  13. KS
  14. KY
  15. MA
  16. MD
  17. ME
  18. MI
  19. MO
  20. MS
  21. MT
  22. NC
  23. NE
  24. NM
  25. NJ
  26. NY
  27. OR
  28. OH
  29. OK
  30. PA
  31. SC
  32. TN
  33. UT
  34. RI
  35. VA
  36. WA
  37. WV
  38. WY

Frequently Asked Questions

Builder Sold Construction Loans

What is a builder sold construction loan?
A builder sold loan is a construction mortgage loan used when a builder has a signed purchase contract with an end buyer before construction begins. Because the exit is defined, Normandy’s builder financing programs offer favorable terms compared to a spec loan.
A construction to permanent loan converts from a construction loan to a long-term mortgage after the home is complete — typically for the buyer. A builder sold loan funds the builder during construction; once complete, the end buyer closes on the property and pays off the construction loan.
Yes. New builders are considered for Normandy’s builder sold home construction financing program. Project details and the signed purchase agreement carry significant weight in the evaluation.
Rates start at Prime + 1% (Wall Street Journal Prime Rate). Origination fees typically range from 1 to 2 points. All rates and terms subject to change without notice.
Funds are released in draws as each construction phase is completed and inspected — keeping your new construction mortgage financing aligned with actual build progress.

For a Rate and Fees quote call

800-390-7536

Builder / Sold Loan

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

 

PRE QUALIFY NOW
(Consumer Use Only)

General Guidelines*

  • Loan amounts from $95,000 to $5,000,000
  • Loan amounts up to 75% of the contract price on conforming loan amounts, otherwise up to 70% of contract price. Cross collateralization considered on other properties, if needed, for maximum or greater loan amounts.
  • 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
  • Full and Limited Income Documentation programs available
  • Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings 14+/- days available if certain criteria is met)
  • Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
  • Flexible draw schedules
  • 1 to 4 family homes, refer to Commercial Construction for more than 4 units
  • 12 month construction term with extensions available
  • Interest only payments based on funds advanced
  • New Builders will be considered
    *All rates and terms subject to change without notice

Rates and Fees 
 (Based on credit score, income, savings and LTV)

  • Rates:  Prime Rate plus 2.50% to 3.50%+  
  • Loan Fee: 1.50% to 2.00%+
  • Application Fee: $495
  • Fast Track Closing Fee: $1,250
  • Underwriting Fee: $495

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, NM, NJ, NY, OR, OH, OK, PA, SC, TN, UT, RI, VA, WA, WV, WY

Draw Request Submitted

Thank you for requesting a draw.  You will receive an email or call confirming your draw request has been received within 1 business day.  If you do not receive confirmation, please contact our office at 800-390-7536.  Please notify us of any changes you wish to make to your request.  

Normandy Corporation

Thank you for scheduling your payment.  You should receive an email confirmation of payment within 1 business day.  If you do not receive a confirmation email within 1 business day, please call our office to confirm at 800-390-7536.