Construction Completion Loans in Florida
Construction Completion Loan in Florida
Getting a Florida project across the finish line starts with the right financing. Normandy’s construction completion loan is available to borrowers across Florida, from Miami and Tampa Bay to Orlando and Jacksonville, for projects that have already started and require funding to be completed.
Florida’s wind-load requirements, product approvals, flood zones and hurricane-season delays can leave a partly built project short of funds.
Loan amounts from $95,000 to $10,000,000. Conforming loan amounts up to $832,750 at up to 85% of appraised value on single family, owner occupied, with full income documentation. 12 month construction term; extensions available. Interest only payments based on funds advanced. Foreign Nationals are eligible.
Pre-qualify or request a rate quote using our Construction Completion Loan Form. Learn more about all Normandy Loan Programs, or call us at 800-390-7536.
General Guidelines*
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- Loan amounts from $95,000 to $10,000,000
- Loan amounts up to 85% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts up to $832,750. Loan amounts over $1M, up to 80% of appraised value may be considered. Loan amounts over $6M, up to 75% appraised value may be considered
- Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 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, 5+ or Commercial Construction allowed
- 12 month construction term with extensions available
- Interest only payments based on funds advanced
- Borrower may act as own General Contractor or hire a qualified builder. No site supervisor required
*All rates and terms subject to change without notice
Florida Construction Market & Regulatory Overview
Florida is one of the most active construction markets in the country. Strong population growth and steady demand for new homes, renovation and rebuilding keep projects moving across both coastal and inland regions.
Building Code: Florida Building Code, including wind-load and impact-resistance standards, with stricter requirements in the High-Velocity Hurricane Zone of Miami-Dade and Broward counties.
Permitting: Permits are issued by the county or city building department. Plans must meet the Florida Building Code and local zoning, and properties in flood zones may face added requirements.
Key considerations in Florida include hurricane and tropical storm exposure, flood zones, coastal construction rules, and material and labor availability after major storms. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor Licensing in Florida
Florida contractors are licensed through the Department of Business and Professional Regulation (DBPR) and its Construction Industry Licensing Board. Borrowers who hire a builder should verify the license before completion work continues.
Owner-Builder Note: Florida allows owners to act as their own contractor on their own property under Florida Statutes Chapter 489, though restrictions apply, including limits on selling or leasing the property.
On a completion loan, the borrower may act as their own General Contractor or hire a qualified builder. No site supervisor is required.
Loans Available in the Following States
Owner Occupied
Loans available for owner occupied properties in the following states:
- California (CA)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Iowa (IA)
- Massachusetts (MA)
- Michigan (MI)
- North Carolina (NC)
- New Jersey (NJ)
- New York (NY)
- Oregon (OR)
- Rhode Island (RI)
- Virginia (VA)
- Washington (WA)
Non-Owner Occupied
Loans available for non-owner occupied properties in the following states:
- Alaska (AK)
- Alabama (AL)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Georgia (GA)
- Hawaii (HI)
- Iowa (IA)
- Idaho (ID)
- Indiana (IN)
- Kansas (KS)
- Kentucky (KY)
- Massachusetts (MA)
- Michigan (MI)
- Maryland (MD)
- Maine (ME)
- Missouri (MO)
- Mississippi (MS)
- Montana (MT)
- North Carolina (NC)
- New Jersey (NJ)
- Nebraska (NE)
- New Mexico (NM)
- New York (NY)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Rhode Island (RI)
- South Carolina (SC)
- Tennessee (TN)
- Utah (UT)
- Virginia (VA)
- Washington (WA)
- West Virginia (WV)
- Wyoming (WY)
Frequently Asked Questions — Construction Completion Loan in Florida
Q: What is a construction completion loan in Florida?
A: A construction completion loan in Florida is financing for a project that has already started and needs funding to finish. Normandy’s program covers residential to commercial construction and can be structured whether you just started or are just short of completing the project.
Q: What can a construction completion loan be used for in Florida?
A: It can be used for kitchen and bathroom remodels, room additions, roof replacement, structural repairs, foundation work, full gut rehabs, home rehab projects, ADU (accessory dwelling unit) construction, and fix and flip investments.
Q: Can I act as my own general contractor in Florida?
A: Yes. The borrower may act as their own General Contractor or hire a qualified builder. No site supervisor is required.
Q: Is a construction completion loan available for investment properties in Florida?
A: Yes. Florida is available for both owner occupied and non-owner occupied properties. Please call for details.
Q: How are funds disbursed and is there a minimum credit score in Florida?
A: Funds are disbursed on flexible draw schedules, with interest only payments based on funds advanced. Loans are available to borrowers with excellent to less than perfect credit, subject to underwriting.