Q. Who is Normandy?
A. Normandy Corporation has over 30 years of lending experience to both individuals and businesses. Our loan programs range from new construction and improvement loans to acquisition and bridge loans for existing homes and commercial buildings as well as vacant land.

Normandy's knowledge and foresight of the real estate market has resulted in uninterrupted operation through two recessions and the most recent housing market crash.

Additionally, our extensive experience in construction lending has proven beneficial to many of our clients engaged in complex commercial development and financing.
Each loan is underwritten and approved based on its individual merits. "Common Sense" underwriting is applied to each loan scenario with the goal being that all Borrowers have the capacity to complete the project presented, (with a contingency), to make monthly payments, and to pay off the loan as planned.

All loans are approved, funded and serviced* by Normandy for the full term of the loan.
All loans are held in portfolio and are not securitized or sold to outside banks.
*Except some 15 year or 30 year residential mortgages

Normandy's various loan programs are currently offered in over 20 states. We look forward to being of service to you with your upcoming project.
Please call 800 390 7536 to speak with a loan officer to answer any questions.
Q. What states do you operate it in?
A. See our new state specific map!
Q. How long does the approval process take?
A. Assuming all the information is received, it is typically a three step process:
  • 1. A Borrower can be pre-qualified within 3 – 5 business days. If Pre-Qualified, we will provide a Pre-Qualification letter.
  • 2. Once pre-qualified, it will typically take between 10 – 21 days to be fully approved. However, Express Approvals & Closings are possible and take 3 - 5 days. Extra fees may apply.
  • 3. Closing typically can take place within 4 – 6 business days of final approval. However, Express Closings are possible in 1 to 2 business days.
Q. How much can I borrow against the equity in the land I own?
A. For Residential Owner Occupied up to 75% of the appraised value, subject to borrower overall qualifications.
Q. How much can I borrow overall on a single family owner-occupied property?
A. Up to 90% of the appraised value, depending on the program and subject to borrower overall qualifications. (Minimum cash is 10% + Closing Costs)
Q. Can closing costs be included in my loan?
A. Closing costs can be included in the loan if there is sufficient equity in the property.
Q. Do I get money up front for the construction?
A. All draws are issued based on work completed. However, if the land/lot has equity, we may advance additional cash, up to 75% of the value, at closing to assist you with upfront costs.
Q. Can I get a construction loan if I have already started construction?
A. Yes, monies already spent for materials and labor will be considered as equity into the project. We may require you to provide receipts for materials or labor you have paid for to date. Lien waivers may be (State Specific) required from contractors and suppliers that have already provided labor or materials to construct the home.
Q. How many draws are allowed on a construction loan?
A. Typically the loan is disbursed in a 5 - 6 draw schedule based on work completed. However, in many cases, Normandy will allow the Borrower to custom tailor the number of draws during the construction period, subject to approval.
Q. How do I request a draw?
A. Borrowers initiate a call to our construction draw department at 800-390-7536 to speak directly with a draw officer. Typically draws will take 5 - 7 business days. Express turnaround on draws may be possible, but depends on the specific loan.
Q. Do draws on construction loans go directly to the Builder or Homeowner?
A. Typically draws are released directly to the Borrower. The Borrower is responsible for paying the Builder or Sub-Contractor directly. The one exception is when you are building a Modular Home. In this case, the draw for delivery of the modular home is typically paid directly to the modular company.
Q. Do I have to take all of the money in a specific draw if I do not need it?
A. No, you are not required to take any amount of any one specific draw. Partial draws are allowed.
Q. How much will my payments be for the construction loan?
A. Payments are interest only based on funds advanced.
Example: $200,000 approved loan, 6.95% interest rate during construction, $75,000 is advanced on the fifteenth of the month. The next monthly payment (for 15 days) will be for $217.19.
Q. Do I have to make a monthly payment?
A. The Borrower makes a monthly interest payment based on funds advanced. At Borrower's request, Normandy may consider an interest reserve to make monthly payments; or may require one based on overall credit qualifications.
Q. How long will I have to build my home?
A. Typical construction terms range from 6 to 12 months. Longer terms are available, based on the size of the home and whether it is under our self-build program.
Q. What is the difference between a lot and land loan?
A. A residential lot is a sectioned off parcel of land typically located in an approved subdivision or development with some level of utilities at the site. A land loan is on a piece of undeveloped land in no particular location.

Q. What are the rates?
A. Due to Federal Regulations and the wide variety of programs offered, please call us at 800-390-7536 or click on the "Pre-Qualify Now" button and complete the form.
Q. Where do I call to get my credit report?
A. You can call anyone of the three major credit bureaus:
Equifax Credit Bureau (800) 685-1111
Experian Credit Bureau (888) 397-3742
Trans Union Credit Bureau (800) 916-8800