Builder / Sold Loan

For a Rate and Fees quote call

800-390-7536

Builder / Sold Loan

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.

 

General Guidelines*

  • Loan amounts from $75,000 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

Rates and Fees 
 (Based on credit score, income, savings and LTV)

  • Rates: 7.25% to 8.95%+
  • Loan Fee: 1.50% to 2.00%+
  • Application Fee: $450
  • Fast Track Closing Fee: $1,250
  • Underwriting Fee: $450

Loans Available in the Following States: AK, AL, CA, CO, CT, DE, FL, GA, HI, ID, IN, KS, KY,MA,MD, ME, MI, MO, MS, MT, NC, NE, NM, NJ, NY, OR, OH, OK, PA, SC, TN, UT, RI, 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.