Construction Completion Loans in North Carolina
Construction Completion Loan in North Carolina
Finishing a North Carolina project starts with securing the right loan. Normandy’s construction completion loan is available to borrowers across North Carolina, from Charlotte and Raleigh-Durham to Asheville and the coast, for projects that have already started and require funding to be completed.
North Carolina’s coastal wind and flood exposure, mountain sites and rapid growth can add cost and delay to a project already under way.
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*
- 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
North Carolina Construction Market & Regulatory Overview
North Carolina is one of the fastest-growing states for new construction and renovation. Demand in the Charlotte and Triangle metros, the Triad, the coast and the mountains keeps building activity high.
Building Code: North Carolina State Building Code, including the North Carolina Residential Code.
Permitting: Permits and inspections are handled by the county or city inspections department. Plans must comply with the State Building Code and local zoning before any permit is approved.
Key considerations in North Carolina include coastal wind and flood zones, steep mountain sites, and labor and material availability in fast-growing markets. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor Licensing in North Carolina
North Carolina general contractors are licensed through the NC Licensing Board for General Contractors, with a license required above a project-cost threshold set by state law. Borrowers who hire a builder should verify the license before completion work continues.
Owner-Builder Note: North Carolina allows owners to build on their own property for their own use, though restrictions apply, including limits on resale.
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 North Carolina
Q: What is a construction completion loan in North Carolina?
A: A construction completion loan in North Carolina 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 North Carolina?
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 North Carolina?
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 North Carolina?
A: Yes. North Carolina 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 North Carolina?
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.