Builder Model / Spec Construction Loan

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Builder Model / Spec Construction Loan

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

General Guidelines

  • Loan amounts from $75,000 to $4,000,000
  • Loan amounts up to 60% of the appraised value (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
  • Loan to cost typically 75% – 80%
  • 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 income documentation, self-employed and limited income programs available
  • Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days or less under certain circumstances (fast track closings 14+/- days available)
  • Loans are available to Borrowers with excellent to less than perfect credit
  • 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

Rates and Fees:

  • Rates From: 7.95% to 8.95% (Rates and fees based on credit score, income, savings and LTV)
  • Loan Fee: 1.50% to 2.00%
  • Application Fee $450 (Inspection fee may apply); Fast Track Application Fee $1,250
  • Underwriting Fee: $450

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.