Multi-Family 2–4 Unit Construction Loans in Virginia
Multi-Family 2–4 Unit Loan in Virginia
Ready to move forward with apartment construction financing in Virginia? Normandy works directly with borrowers throughout the state — you deal with the loan officer and underwriter directly, not a call center.
Virginia’s strong rental demand in Northern Virginia, Richmond, and Hampton Roads — supported by a large federal workforce and military population — makes 2–4 unit residential construction a practical financing strategy for owner-occupants.
Loan amounts from $95,000 to $5,000,000. Up to 75% of appraised value. Minimum 25% down toward land or acquisition required. Foreign nationals welcome. Land purchase may be rolled into the loan. Full and limited income documentation available. Self-build option available. Pre-qualification typically in 3 to 5 business days.
More information on multifamily construction loan in Virginia: https://normandy.com/multi-family-2-4-units-loans/. Phone: 800-390-7536. All programs: https://normandy.com/.
General Guidelines*
- Self Build available
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 75% of the appraised value. Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts.
- Borrower must have a minimum of 25% to put down towards the land purchase/subject property acquisition
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Full and limited documentation programs available
- 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)
- Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
- Flexible draw schedules
- 12 month construction term with extensions available
- Interest only payments based on funds advanced
*All rates and terms subject to change without notice
Virginia Construction Market & Regulatory Overview
Virginia’s construction activity is concentrated around the Washington D.C. metro in Northern Virginia, the Richmond growth market, Hampton Roads’ federal and military-driven residential demand, and Shenandoah Valley custom builds.
Building Code: Virginia Uniform Statewide Building Code (USBC), based on the International Residential Code with Virginia-specific modifications.
Permitting: Permits are issued through local county and city building departments under the USBC. Inspections are required at multiple construction stages.
Key construction considerations in Virginia include coastal storm and flood risk in Hampton Roads, high humidity statewide, and winter ice and snow events in Northern Virginia and the mountain regions. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor Licensing in Virginia
Virginia contractors must be licensed through DPOR (Department of Professional and Occupational Regulation) as Class A, B, or C depending on project size and value.
Owner-Builder Note: Virginia allows owner-builders to construct a residence for personal use without a contractor license. The exemption does not extend to properties built for sale or rent.
Loans Available in the Following States
Owner Occupied
Loans available for owner occupied properties in the following states:
- California (CA)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Iowa (IA)
- Massachusetts (MA)
- Michigan (MI)
- North Carolina (NC)
- New Jersey (NJ)
- New York (NY)
- Oregon (OR)
- Rhode Island (RI)
- Virginia (VA)
- Washington (WA)
Non-Owner Occupied
Loans available for non-owner occupied properties only:
- Alaska (AK)
- Alabama (AL)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Georgia (GA)
- Hawaii (HI)
- Iowa (IA)
- Idaho (ID)
- Indiana (IN)
- Kansas (KS)
- Kentucky (KY)
- Massachusetts (MA)
- Michigan (MI)
- Maryland (MD)
- Maine (ME)
- Missouri (MO)
- Mississippi (MS)
- Montana (MT)
- North Carolina (NC)
- New Jersey (NJ)
- Nebraska (NE)
- New Mexico (NM)
- New York (NY)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Rhode Island (RI)
- South Carolina (SC)
- Tennessee (TN)
- Utah (UT)
- Virginia (VA)
- Washington (WA)
- West Virginia (WV)
- Wyoming (WY)
Frequently Asked Questions — Multi-Family 2–4 Unit Loan in Virginia
Q: What is a multifamily construction loan in Virginia?
A: A multifamily construction loan in Virginia is financing for building a 2–4 unit residential property. Normandy disburses funds in draws as construction progresses. Interest-only payments on advanced funds during the 12-month construction term.
Q: What does a duplex construction loan cover in Virginia?
A: A duplex construction loan in Virginia covers the full cost of building a two-family residential property. Loan amounts up to 75% of appraised value. A minimum 25% down payment toward land or acquisition is required.
Q: What apartment construction financing is available in Virginia?
A: Normandy’s apartment construction financing in Virginia covers 2–4 unit residential builds. Loan amounts from $95,000 to $5,000,000. For 5+ unit projects, Normandy’s Commercial Construction Loan program applies — see normandy.com for details.
Q: How does a multi unit property loan work in Virginia?
A: A multi unit property loan in Virginia through Normandy is a 12-month interest-only construction loan with draw disbursements at milestones. Foreign nationals are eligible. Full and limited documentation programs available. Self-build is permitted.
Q: Can I get a 4 unit construction loan in Virginia?
A: Yes. Normandy’s 4 unit construction loan program in Virginia covers up to 75% of appraised value. A minimum 25% equity contribution toward land or acquisition is required. Call 800-390-7536 to discuss your project.