Builder Model / Spec Loan

Spec Home Construction Loan – Builder Development & Model Home Financing

Pre-Qualify (Consumer Use Only)
Contact Us

For a Rate and Fees quote call

800-390-7536

PRE QUALIFY NOW (Consumer Use Only)

Building a spec house before a buyer is under contract? Normandy’s spec home construction loan provides reliable spec home financing for builders and developers who need capital to keep their pipeline moving. Whether you’re constructing a model home for a new community or a build to sell property for resale, our builder construction financing is structured around how builders actually work.

New builders are considered — no prior track record required. Our builder development loan programs close fast with minimal documentation requirements so you can focus on building, not paperwork. This is a business-purpose loan designed for speculative residential construction. Interest-only payments are based on funds actually advanced — so you’re never paying on money you haven’t used yet. With loan amounts up to $5,000,000, Normandy’s spec home financing scales with your pipeline.

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 

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
    • Construction completion available (construction has begun)
    • 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

Loans Available in the Following States

  1. Alaska (AK)
  2. Alabama (AL)
  3. California (CA)
  4. Colorado (CO)
  5. Connecticut (CT)
  6. Delaware (DE)
  7. Florida (FL)
  8. Georgia (GA)
  9. Hawaii (HI)
  10. Iowa (IA)
  11. Idaho (ID)
  12. Indiana (IN)
  13. Kansas (KS)
  14. Kentucky (KY)
  15. Massachusetts (MA)
  16. Maryland (MD)
  17. Maine (ME)
  18. Michigan (MI)
  19. Missouri (MO)
  20. Mississippi (MS)
  21. Montana (MT)
  22. North Carolina (NC)
  23. Nebraska (NE)
  24. New Jersey (NJ)
  25. New Mexico (NM)
  26. New York (NY)
  27. Ohio (OH)
  28. Oklahoma (OK)
  29. Oregon (OR)
  30. Pennsylvania (PA)
  31. Rhode Island (RI)
  32. South Carolina (SC)
  33. Tennessee (TN)
  34. Utah (UT)
  35. Virginia (VA)
  36. Washington (WA)
  37. West Virginia (WV)
  38. Wyoming (WY)

Frequently Asked Questions

Spec & Model Home Construction Loans

What is a spec home construction loan?
A spec home construction loan (short for speculative) funds construction of a home built without a pre-committed buyer. It’s structured as a build to sell loan — you build, then sell. Normandy’s spec house loan programs are designed for builders maintaining an active pipeline of new residential properties.
A spec home construction loan is for a standard home being built for eventual sale. Model home financing is for homes used to showcase a development or community. Normandy offers both under its builder construction financing programs.
No. New builders are considered for Normandy’s builder development loan programs. Your project details and exit strategy matter more than years on record.
Rates start at Prime + 1.5% (Wall Street Journal Prime Rate). Origination fees typically range from 1.5 to 2.5 points. All rates subject to change without notice.
Interest-only payments are based on funds actually advanced — not the full loan amount. This keeps carrying costs low during the speculative home construction phase.

For a Rate and Fees quote call

800-390-7536

Builder 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.

 

PRE QUALIFY NOW
(Consumer Use Only)

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

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.