Construction Completion Loans in Washington
Construction Completion Loan in Washington
Finishing a Washington project starts with securing the right loan. Normandy’s construction completion loan is available to borrowers across Washington, from Seattle and the Puget Sound to Tacoma, Vancouver and Spokane, for projects that have already started and require funding to be completed.
Washington’s energy code, permit timelines, steep sites and shoreline rules can add cost and time 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
Washington Construction Market & Regulatory Overview
Washington has strong construction and renovation demand across the Puget Sound region, Southwest Washington and Eastern Washington, including ADU and DADU projects.
Building Code: Washington State Building Code, including the Washington State Residential Code and Energy Code.
Permitting: Permits are issued at the city and county level. Plans must comply with the state codes, critical area and shoreline rules, and local zoning before any permit is approved.
Key considerations in Washington include seismic activity, steep slopes, heavy rainfall, and shoreline and wetland regulations. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor Licensing in Washington
Washington contractors must be registered with the Department of Labor & Industries (L&I). Borrowers who hire a builder should verify the registration before completion work continues.
Owner-Builder Note: Washington allows owners to work on their own property in certain cases, though conditions apply.
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 Washington
Q: What is a construction completion loan in Washington?
A: A construction completion loan in Washington 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 Washington?
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 Washington?
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 Washington?
A: Yes. Washington 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 Washington?
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.