GROUND-UP CONSTRUCTION · North Dakota (ND) Underwriting Matrix · Stephen R. Mannenbach, J.D., MBA

North Dakota Ground-Up Construction Loans (Spec Homes, Duplex/Fourplex & Build-to-Rent) — 2026 Rates, LTV Caps & State Rules

North Dakota Ground-Up Construction provide business-purpose real estate investors with Up to 85% LTC / 70%–75% Completed ARV across loan amounts from $100,000 – $15,000,000+ at 9.75% – 11.75% Interest-Only on Drawn Funds (12 – 24 Months Interest-Only, 660+ FICO min FICO, 14 – 21 Business Days close). In North Dakota (ND), lenders underwrite to a Judicial (District Court Action) statutory framework (130–180 days-day average timeline), a 0.98% average property tax rate (~$216/mo at the $265,000 state median), and $590/$100K hazard insurance (~$130/mo).

Max Leverage / LTC
Up to 85% LTC / 70%–75% Completed ARV
Min FICO: 660+ FICO
2026 Rate Band
9.75% – 11.75% Interest-Only on Drawn Funds
12 – 24 Months Interest-Only
ND Security Instrument
Judicial (District Court Action)
130–180 days days avg timeline
ND Avg Tax & Ins
0.98% Tax
$590/$100K Hazard Ins

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North Dakota Ground-Up Construction (2026) — Up to 85% LTC / 70%–75% Completed ARV, 9.75% – 11.75% Interest-Only on Drawn Funds | Stephen R. Mannenbach | Stephen Mannenbach