Frequently Asked Questions
If you have questions, please call us at 800-390-7536 to speak directly to one of our experienced Loan Officers.
A. Normandy Corporation has over 35+ years of lending experience to both individuals and businesses. Our loan programs range from new construction and improvement loans to acquisition and bridge loans for existing homes and commercial buildings as well as vacant land.
Normandy’s knowledge and foresight of the real estate market has resulted in uninterrupted operation through two recessions and the most recent housing market crash.
Additionally, our extensive experience in construction lending has proven beneficial to many of our clients engaged in complex commercial development and financing.
Each loan is underwritten and approved based on its individual merits. “Common Sense” underwriting is applied to each loan scenario with the goal being that all Borrowers have the capacity to complete the project presented, (with a contingency), to make monthly payments, and to pay off the loan as planned.
All loans are approved, funded and serviced by Normandy for the full term of the loan.
All loans are held in portfolio and are not securitized or sold to outside banks.
Normandy’s various loan programs are currently offered in over 20 states. We look forward to being of service to you with your upcoming project.
Please call 800 390 7536 to speak with a Loan Officer to answer any questions.
A. Assuming all the information is received, it is typically a three step process:
1. A Borrower can be pre-qualified within 3 – 5 business days. If Pre-Qualified, we will provide a Pre-Qualification letter.
2. Once pre-qualified, it will typically take between 10 – 20 days to be fully approved subject to receipt of all required documentation. Fast-track approvals & closings are possible and may take 3 – 5 days. Extra fees may apply.
3. Closing typically can take place within 10 business days of final approval. However, Fast-track closings are possible in 2 to 3 business days.
A. For Residential Owner Occupied up to 75% of the appraised value, subject to borrower overall qualifications.
A. Up to 85% of the appraised value, depending on the program and subject to borrower overall qualifications.
Example: $200,000 approved loan, 6.95% interest rate during construction, $75,000 is advanced on the fifteenth of the month. The next monthly payment (for 15 days) will be for $217.19.
A. Typical construction terms range from 6 to 12 months. Longer terms are available, based on the size of the home and whether it is under our self-build program.
A. A residential lot is a sectioned off parcel of land typically located in an approved subdivision or development with some level of utilities at the site. A land loan is on a piece of undeveloped land in no particular location.
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