Builder Spec & Model Home Construction Loans in Florida
Builder Spec Loan in Florida
Florida’s residential construction comes with specific regulatory requirements — Florida Building Code (FBC), including mandatory hurricane-resistant construction standards, and local permitting administered through county and municipal offices. Normandy’s spec home construction loan program serves borrowers navigating this environment across Florida, from Miami to the state’s smaller markets.
Spec construction is expanding across Florida’s growth markets — the Tampa Bay corridor, Jacksonville’s outer suburbs, Southwest Florida’s Gulf Coast communities, and the Space Coast are all active.
Loan amounts from $95,000 to $5,000,000. Up to 65% of appraised value or 75% loan to cost, whichever is less. 12-month construction term; extensions available. Interest-only on funds advanced. Limited income, self-employed, and full doc programs available. No builder license required. Foreign nationals are eligible.
Explore spec home financing options at https://normandy.com/builder-model-spec-loan/, or call 800-390-7536 for a direct conversation with our team. All programs: https://normandy.com/.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 65%* of the appraised value or 75% loan to cost, whichever is less.
- Cross collateralization considered on other properties for maximum or greater loan amounts, loan to values, or loan to cost
- No minimum FICO required for consideration
- Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
- Limited income, self-employed, and full income documentation programs available
- Land purchase may be included in the construction loan
- Deal directly with the Loan Officer/Underwriter
- Foreign Nationals are eligible for this program
- Fast pre-qualification, typically within 3 to 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
- Flexible draw schedules
- Do not need to be a licensed Builder to qualify
- New Builders will be considered
- 1 to 4 family homes. For 5+ units, refer to Commercial Construction
- 12 month construction term with extensions available
- Interest only payments based on funds advanced
*All rates and terms subject to change without notice
Rates and Fees
(Based on credit score, income, savings and LTV)
- Rates: Prime Rate plus 2.95% to 3.95%
- Loan Fee: 1.50% to 2.00%
- Application Fee: $495 (Inspection fee may apply)
- Fast Track Closing Fee: $1,250
- Underwriting Fee: $495
*65% maximum loan to value on loan amounts up to $1,000,000, 60% maximum loan to value on loan amounts over $1,000,000
Florida Construction Market & Regulatory Overview
Florida remains one of the fastest-growing states for residential construction. Population migration, retirement demand, and a strong job market continue driving new home activity across all major metros.
Building Code: Florida Building Code (FBC), including mandatory hurricane-resistant construction standards.
Permitting: Permits are issued through local county and municipal building departments. All construction must comply with the FBC and applicable wind zone requirements for the project location.
Key construction considerations in Florida include hurricane wind zones, flood plain elevation requirements, and high-humidity building conditions. 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 general contractors must hold a state-issued license through the Department of Business and Professional Regulation (DBPR). Specialty trade contractors are separately licensed.
Owner-Builder Note: Florida allows owner-builders to act as their own contractor for a primary residence, but limits how frequently the exemption applies and requires a sworn affidavit with the local building department.
Loans Available 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)
- Maryland (MD)
- Maine (ME)
- Michigan (MI)
- Missouri (MO)
- Mississippi (MS)
- Montana (MT)
- North Carolina (NC)
- Nebraska (NE)
- New Jersey (NJ)
- 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 — Builder Spec Loan in Florida
Q: What is a spec home construction loan in Florida?
A: A spec home construction loan in Florida is a business loan for building a residential property for resale without a committed end buyer at the start. Normandy finances through draw disbursements, with interest-only payments on advanced funds during the 12-month construction term.
Q: What does spec home financing cover in Florida?
A: Spec home financing in Florida covers 1–4 family residential construction. Loan amounts up to 65% of appraised value or 75% of loan to cost. Land purchase may be included. Cross-collateralization on other builder properties is considered for greater loan amounts.
Q: Do I need a contractor license for builder construction financing in Florida?
A: No. A licensed builder designation is not required for Normandy’s builder construction financing in Florida. New builders are considered. Self-employed borrowers and those with limited income documentation may qualify through alternative programs.
Q: What is a builder development loan in Florida?
A: A builder development loan in Florida is construction financing for a builder or investor constructing a 1–4 family property for sale. Normandy’s program features flexible draws, no minimum FICO for consideration, and loan amounts from $95,000 to $5,000,000.
Q: How does model home financing work in Florida?
A: Model home financing in Florida is structured as a 12-month construction loan. Draw disbursements at milestones fund the build. Cross-collateralization on other builder-owned properties may be available to support the loan. Call 800-390-7536 for a rate quote.