Land Development Loans

For a Rate and Fees quote call

800-390-7536

Land Development Loans

This program is designed to provide a business loan to purchase and/or develop unimproved raw land for a residential or commercial subdivision. Construction financing is also available.

 

General Guidelines*

  • Loan Amounts: $100,000 to $2,500,000
  • Loan to Value: Up to 50% of appraised value, not to exceed 70% loan to cost
  • Land purchase up to 55% of the purchase price. Cross collateralization allowed on other properties, if needed, for maximum loan amounts
  • Term up to 3 years available
  • Loans available to qualified Developers with no less than 2 years experience
  • 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)
  • Foreign Nationals are eligible for this program
  • Deal Directly with Loan Officer/Underwriter
  • Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
    *All rates and terms subject to change without notice

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

  • Rates From: 7.25% to 8.95%+
  • Loan Fee: 1.25% to 1.75%+
  • Application Fee: $450 (Inspection fee may apply)
  • Fast Track Closing Fee: $1,250
  • Underwriting Fee: $450

Loans available in the following states: AK, AL, AR, 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, TX, UT, VA, WA, 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.