Builder Model / Spec Construction Loan

For a Rate and Fees quote call


Brokered Builder Model / Spec Construction Loan

This program is designed to provide a business loan to a Builder or individual for the construction of a model or spec home for resale.


General Guidelines*

  • Loan amounts from $95,000 to $4,000,000
  • Loan amounts up to 60% of the appraised value; Loan to Cost typically 75% – 80%. Cross collateralization considered on other properties, if needed, for maximum or greater loan amounts
  • Land purchase may be included in the construction loan
  • Foreign Nationals are eligible for this program
  • Deal directly with the Loan Officer/Underwriter
  • Full income documentation, self-employed and limited income programs available
  • 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
  • Do not need to be a licensed Builder to qualify 
  • 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

          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: $450 (Inspection fee may apply)
  • Fast Track Closing Fee: $1,250
  • Underwriting Fee: $450
  • Maximum Broker Fee: 1.50% to 2.00% (subject to Broker Compensation option)

To start the pre-approval process, download the Loan Submission Form above and include a completed 1003, Tri-Merge Credit Report and appraisal, if available.

Loans available for: AK, AL, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, ME, MI, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, UT, VA, WA, WV, WY

Draw Request Submitted

Thank you for requesting a draw.  You will receive an email or call confirming your draw request has been received within 1 business day.  If you do not receive confirmation, please contact our office at 800-390-7536.  Please notify us of any changes you wish to make to your request.  

Normandy Corporation

Thank you for scheduling your payment.  You should receive an email confirmation of payment within 1 business day.  If you do not receive a confirmation email within 1 business day, please call our office to confirm at 800-390-7536.