Pre Sold Construction Loans in New York
Pre Sold Construction Loans in New York
Program: This program is designed to provide a construction loan to a Builder who has a contract to sell the home once the property is completed.
Pre sold construction loans in New York — Normandy provides financing for builders who have a signed purchase contract to sell the completed home to an end buyer. Whether your build is on Long Island, in Westchester, or Upstate, our builder sold construction loans are structured for committed-buyer projects.
Builder-sold construction is a significant segment across New York, with new home communities expanding on Long Island, in Westchester and Rockland Counties, and in Upstate growth markets around Albany, Saratoga, and Rochester.
Presold home construction loans through Normandy: loan amounts from $95,000 to $5,000,000, up to 75% of contract price on conforming amounts. New builders considered. Land purchase may be included — please call for a quote. Foreign nationals eligible.
Call 800-390-7536 or visit https://normandy.com/builder-sold-loans/ for pre sold construction loans in New York. All Normandy loan programs: https://normandy.com/.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 75% of the contract price on conforming loan amounts, otherwise up to 70% of contract price. Cross collateralization considered on other properties, if needed, for maximum or greater loan amounts.
- Land purchase may be included in the construction loan. Please call for a quote.
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Full and Limited Income Documentation programs available
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings 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, refer to Commercial Construction for more than 4 units
- 12 month construction term with extensions available
- Interest only payments based on funds advanced
- New Builders will be considered
*All rates and terms subject to change without notice
New York Construction Market & Regulatory Overview
New York offers one of the most diverse residential construction markets in the country — from dense urban infill and brownstone renovation in New York City to suburban new construction on Long Island and in Westchester, and rural custom building throughout the Hudson Valley and Upstate New York.
Building Code: New York State Uniform Fire Prevention and Building Code, plus the NYC Construction Codes within the five boroughs.
Permitting: Permits are issued through local municipal building departments outside New York City; within the five boroughs, permits go through the NYC Department of Buildings (DOB). Construction must comply with the applicable state or NYC code depending on location.
Key construction considerations in New York include cold winters and frost-line foundation requirements Upstate, coastal storm exposure on Long Island and in NYC’s outer boroughs, and dense urban construction constraints within New York City. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor & Licensing Requirements in New York
Outside New York City, contractor licensing requirements are set at the county or municipal level — Westchester, Nassau, and Suffolk Counties each maintain their own licensing boards. Within NYC, contractors must be licensed by the NYC Department of Consumer and Worker Protection (DCWP) for home improvement work.
Owner-Builder Note: New York allows owner-builders to act as their own contractor for a primary residence in most jurisdictions outside NYC, though local building departments should be consulted directly. Within New York City, owner-builder rules are governed separately by the DOB.
Loans Available in the Following States
- 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 Mexico (NM)
- New Jersey (NJ)
- New York (NY)
- Oregon (OR)
- Ohio (OH)
- Oklahoma (OK)
- Pennsylvania (PA)
- South Carolina (SC)
- Tennessee (TN)
- Utah (UT)
- Rhode Island (RI)
- Virginia (VA)
- Washington (WA)
- West Virginia (WV)
- Wyoming (WY)
Frequently Asked Questions — Pre Sold Construction Loans in New York
Q: What are pre sold construction loans in New York?
A: Pre sold construction loans in New York are financing for builders with a signed purchase agreement with an end buyer before construction begins. Normandy funds the build through draw disbursements. The loan is repaid when the buyer closes on the completed home.
Q: What are builder sold construction loans in New York?
A: Builder sold construction loans in New York through Normandy provide draw disbursements as construction progresses. Interest-only payments on advanced funds during the 12-month term. Up to 75% of the contract price is available on conforming amounts.
Q: What are presold home construction loans in New York?
A: Presold home construction loans in New York are structured around a signed purchase contract. Loan amounts from $95,000 to $5,000,000. Full and limited income documentation programs are available.
Q: Do I need a builder license for pre sold construction loans in New York?
A: No minimum builder designation is required for consideration. New builders are considered for pre sold construction loans and builder sold construction loans in New York. Loans available to borrowers with excellent to less-than-perfect credit, subject to underwriting.
Q: Can land purchase be included in builder sold construction loans in New York?
A: Land purchase may be included in the construction loan for builder sold projects in New York. Please call 800-390-7536 for a quote specific to your land and build scenario.