26Jan

Create Equity by Building your next Home

by Lee Seward Uncategorized, building a house, buying a new home, Construction, construction companies, construction contractor, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, home mortgage, Home Remodeling, houses for sale, Housing Market, investing in real estate, local building contractor, local construction company, market trends in real estate, mortgage rates, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate investing, real estate market, Rebuilding Homes, Remodeling, Renovation, small construction companies

Time to Build your Home

Create Equity 2024

10% Down for Loans up to $800,000

20% Down for a loan up to $1.5M

30% Down for a loans up to $3.5M

Put $700,000 of Equity in your Wallet

POPULATION GROWTH IN FLORIDA has been booming lately. According to recently released census data, Florida has seen its total population grow by 14.6% over the last decade, nearly double the growth rate of the United States.

The thousands of people streaming into Florida are putting pressure on housing prices. The Florida Realtors association reports that the statewide median sales price for single-family existing homes is $375,000, up 23% from the previous year.

With the increasing demand for real estate and rising prices across the state, many people have turned to construction loans to finance the building of new homes. If you’re going to spend a lot of money on a house, you might as well purchase a lot and build a custom dream home, right?

When someone decides to build a new dream home, one of the first things they start exploring are construction loans, which are a little different from conventional mortgages when you’re purchasing an existing home.

As you research, you’ll soon find that construction loans have different rules and qualifying criteria. The nightmare scenario to avoid is one where you’ve committed to purchasing a lot but end up struggling to find a construction loan.

Fortunately, there are loan officers that specialize in construction loans. They have years of experience working with underwriters to make sure you navigate the application, pre-approval, and closing process.

If you’re a homebuyer looking for a construction loan specialist, we can quickly connect you with several options customized to your specific needs so that you can make the best decision for you

Benefits of a new a construction loan in Florida

Construction loans are short-term financing that are used to cover the cost of building a house from start to finish. Construction loans can cover the costs of buying land, working with an architect to draft plans, permit fees, and the labor and materials necessary to complete the house.

Because construction loans aren’t secured by a completed house, the approval process for a borrower can be more complex than for a traditional mortgage. Your lender will likely want to be more involved in the process of understanding the construction timeline, budget, plans and your personal financial situation before approving the loan.

The other important thing to consider is that home construction loans aren’t distributed as a lump sum. Instead, your lender will distribute money to you through a series of installment payments as the states of the construction are completed.

The benefit of a construction loan is that you’ll typically only be required to pay the interest on the funds as they are drawn. You won’t need to make the principal payments until you complete construction. Your lender will probably have an option to convert your construction loan into a typical mortgage at the end of the construction process.

$14,000 Down Payment

The Iridium Team works with you to from property selection to building completion and each step along the way. We know how to get you the most value for your desired budget and that is why we start with developing your budget. Once we have finalized the budget we help you in property selection and lending. Our network treats you as top priority, everything is streamlined and efficient. Our Realtors provide the best service all over Florida and our Preferred Lenders offer various low cost options.

Lets go over the numbers and the type of Equity you will create. Depending on what your final budget is we can put you in a $1.5M home for $800,000 with an $80,000 cash down payment. You will create $700,000 in equity plus own an amazing home. $14,000 down payment will get you a $140,000 construction/permanent fixed 30 year mortgage and instant equity of $150,000 from a $290,000 home valuation.

5 Top Florida Construction Loans

1. TD Bank

The TD Bank construction loan has some great benefits if you’re looking to build a house, with down payments as low as 20% for a loan up to $1,500,000.

720-740 FICO score desired
20% down required on loans up to 1.5M
30% down required on loans up to 3M
One-time close
Primary or secondary homes are eligible
Fixed rate and ARMs are available
Purchased lot considered in the down payment
No pre-payment penalties
Interest rate locked before construction begins
If land has been owned for at least 6 months, we will lend up to 80% of the appraised value of the entire project.
If land has not been owned for at least 6 months, we will lend up to 80% of the land acquisition cost+cost of construction
No Condos or Co-Ops. No investment properties.

TD Bank requires 10% of the construction costs to be held in reserve, and you can use their loans for vacation properties.

2. Space Coast Credit Union

The folks over at Space Coast Credit Union offer a home construction loan up to $650,000, so long as you have a minimum credit score of 650.

One Loan: from Construction through Final Permanent Mortgage
One Application, One Closing and One Paperwork Filing
Up to 90% Financing Available
We Make the Payments to Your Builder at Key Points Throughout the Process
Automatic Modification to Traditional Home Loan at the End of Construction
Fast Pre-approval Decisions, Online or Over the Phone
No Intangible Tax
SCCU Member Service for the Life of the Loan
SCCU Interest Rate Guarantee

As far as fees go, Space Coast Credit Union is advertising no application fees or pre-payment penalties. As of the time of publishing, they are charging $1,100 in origination fees.

3. MidFlorida

MidFlorida is a regional credit union based in Lakeland, Florida with a construction mortgage product.

Down payment as low as 10%
Financing is secured before construction begins. You only need to be approved once.
Interest-only payments during construction
One-step, one-time closing
Converts to a fixed- or adjustable-rate mortgage.
Flexible loan terms up to 30 years
Jumbo loans available

MidFlorida offers you the option of converting your construction loan into a conventional mortgage once construction is complete. There may be additional closing costs associated with that conversion since you’ll be establishing an escrow account for insurance and taxes, paying title insurance fees and possibly paying off any unpaid construction phase interest.

4. Seacoast Bank

Seacoast Bank is another option as they lend in Florida and have a construction loan product.

Adjustable Rate Mortgage options are available
Fixed Rate Mortgage options are available that would give you the same fixed rate from construction through permanent loan
One-time closing
Local underwriting and closing decision-makers during the loan process

Seacoast Bank has a long history in Florida, tracing its roots back to 1926. Their primary areas of focus today are in Broward County through the Treasure Coast into Orlando and west to Tampa.

Does a Florida construction loan make sense for you?

Getting a construction loan in Florida comes with huge benefits and very little downside. You’ll likely be able to make interest only payments during the construction phase, which makes your monthly payment affordable as an existing homeowner since you’ll be making mortgage payments on your current home until the new construction is complete.

The challenges of a construction loan in Florida are that you’ll find the process different from a typical mortgage, which is why we recommend working with a loan officer that specializes in construction loans. At the end of the day, you’re going to want someone who has extensive experience doing nothing but construction loans day in and day out.

If you have an interest we can help you select a property that will fit the home you want to build and we can connect you with a professional experienced lender to assist you in the process. Our extensive network of realtors and architects are available all over Florida. Give us a call or send an email to learn more.

19Jan

Interior Designer

by Lee Seward Home Remodeling, add second story addition, building a house, buying a new home, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, fix and flip, flipping florida, flipping homes, florida homes for sale, for sale by owner, general contractor services, Home For Sale, home mortgage, houses for sale, Housing Market, improve sales in real estate, investing in real estate, licensed contractors, local building contractor, local construction company, market trends in real estate, new home construction, new home florida, new homes for sale florida, Paint, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Uncategorized

Is the Contractor holding you back?

Details in your Design Expensive?

The Contractor is an Extension of your Creativity

We see and hear it all of the time, “I wanted to do this but the costs were to much so we removed it.”

Simple is easy and boring

Symmetry

Regardless what you imagine, don’t let yourself be restricted by simple.

Not Complicated

If you have experience and an open mind the work really isn’t complicated and there are ways to make it fit the budget.

You Control

The Designer is in control of the style and the contractor finds a way to make it happen.

Be You

Let Iridium Help

Private Commissioned Residences

For the Discerning Designer

561-597-0021

12Dec

Saint Petersburg Florida

by Lee Seward Real Estate, Construction, Custom Homes, Home For Sale, Housing Market

How is St. Petersburg Different?

Saint Petersburg has so much to offer that other Florida cities and towns are missing.

Yes there are white sand beaches with turquoise waters, amazing sunsets and sunrises across the bay. Yes there are tiki bars and live music almost everywhere along with outdoor seating. There are dog friendly bars and a dog martini bar, outdoor sports, concerts, so much to do all year long and everynight.

What you might not know is besides your beach town activities there are also choices for fine upscale dining, theater, museum, art and everything you would expect from a large city. What is missing in St. Petersburg can be found 20 minutes away in Tampa. Location, Location, Location.

Under Valued

With interest rates hopefully coming down, a cooling economy, Saint Petersburg continues to sell homes. The map above shows what single family homes sold in the last 7 and 90 days from today 12/12/23 (note this does not include condos or lot sales).

Downtown Vibe

You are always walking distance to numerous restaurants and nightlife, Straub Park with its ancient Banyan trees, the Pier, Central Ave, Beach Drive, plenty of hotels and parking. Scooter rentals, electric bike rentals, major league baseball, Dali Museum, Mahaffey Theater, Vinoy Golf Course, and all this just 20 minutes from beautiful white sandy beaches.

Unique to St. Petersburg is the upscale neighborhoods on Tampa Bay. Snell Isle, Old NorthEast, Shore Acres, and many others all within 2-3 minutes of downtown and still 20 minutes away from the beaches.

Naples has a vibrant downtown full of shops and restaurants and upscale neighborhoods with entry pricing in the mid $20M for new construction.

The other Gulf coast towns have exquisite beach front homes and neighborhoods but all lack a vibrant downtown with choices.

Saint Petersburg has more to offer than the other towns plus much more. You are 30 minutes from Tampa International Airport, 30 minutes from Raymond James Stadium for football and concerts, 2.25 hours from Naples and 3.5 hours from Miami. New homes in St. Petersburg start at $278K in south St. Petersburg and go up to $13M in Snell Isle. St. Petersburg has options for all and that is what makes it special. If you appreciate the laid back feel from being near the beach but also like to go out and have a great dinner with a nice bottle of wine, everything is available in St. Petersburg and that is why I feel it is undervalued today.

Not your Average Beach Town

15Nov

New Home for Sale in Florida

by Lee Seward Home For Sale, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home Remodeling, houses for sale, Housing Market, licensed contractors, local building contractor, local construction company, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Subcontractors

Thinking of Moving?

Tired of the high taxes, crime, cold weather, and short summers?

Florida has 0% personal income tax.

5.5% corporate income tax.

6% state sales tax and max 2% local sales tax (Avge sales tax 7.02%)

$1.3-$1.5M New Home built 2023 in St. Petersburg annual property tax $3,500-$4,200 per yr.

Summer all year long!

20 minutes to white sandy beaches.

73 degree average Gulf water temps in November.

Lower cost of Living compared to the North East.

Shore Acres St. Petersburg FL

4 Bedroom 4.5 Bathroom Home

Chefs Kitchen

Spacious Rooms

4+ Car Garage

Elevated and Safe

Completion April 2024

New Homes, Additions, Renovations, Remodeling, St. Petersburg and Naples Florida.

561-597-0021 or info@iridiumdev.io

10Nov

Collaboration

by Lee Seward real estate commission, become a realtor, boost real estate earnings, Construction, Contractors, Custom Homes, Flood damage, Home Equity, Home For Sale, Home Remodeling, houses for sale, Housing Market, improve sales in real estate, Paint, Property For Sale, Real Estate, real estate agent, real estate license, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, Subcontractors

Florida Realtor Referrals

Custom Homes

We are currently in search of esteemed real estate agents to collaborate with. Our objective is to establish a long-lasting partnership with you, by providing excellent contracting services for your clients, thereby elevating your reputation to an envious level. With over four decades of experience in construction, constructing homes and apartment complexes for distinguished personalities, we are a valuable asset to your team and we do not operate out of the back of a truck.

It is said that the friends you keep are a reflection of yourself. That is why we pride ourselves on being the perfect choice for referrals. We are more than capable, professional, and honest. We also offer remodeling loans which cover the cost of home improvements. This can prove advantageous when a client wishes to sell their property at a better value. Furthermore, we realize the importance of determining what is valuable real estate and worth renovating. We provide our professional opinion regarding prudent investments and offer options, irrespective of whether we lose a project. Helping people make sound decisions is more important than adding another project to our year.

Remodeling-New Homes-Renovations

Our firm, unlike our counterparts, distinguishes itself in multiple ways. We take the utmost pride in our professionalism, politeness, intelligence, expertise, transparency, and fair prices. These values are discernible in every interaction we have with our clients. We comprehend the significance of knowledge and utilize it to provide efficient, time-effective resolutions that save our clients money.

Our quotations are credible, transparent and are bound by ethical standards. We maintain our commitment to our clients without any hidden charges or deceitful practices. We present thorough and specific breakdown of every item that makes up the project scope, along with corresponding costs that are shared with you and your client, and finally, our fee is added to the end, leaving no room for ambiguity.

Our business model is rooted in honesty, integrity, and impartiality, and we will continue to demonstrate this attitude in upholding our clients’ interests.

Our Referral Fee

We offer a referral fee to our network of agents, because we believe in economy of scale we reduce our fee and offer a portion to our realtors keeping our price competitive to the clients. We offer the fees based on the size and scope of the project but our network agents are always generously rewarded. If you have a client who is seeking a remodeling or renovation job or even considering updating a home to sell, please give us a call we look forward to working together.

561-597-0021

cropped Screenshot 2023 06 20 at 10.52.12 AM

9Oct

How to Build a Spec House Part II

by Lee Seward Property For Sale, boost real estate earnings, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, Home Remodeling, houses for sale, Housing Market, improve sales in real estate, licensed contractors, local building contractor, local construction company, new home construction, new home florida, new homes for sale florida, Real Estate, real estate agent, real estate commission, real estate license, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Subcontractors

House Design

On How to Build a Spec House Part I we discussed the math behind selecting the property and sale price. Part II we will go over the house design and how to deliver a product better than your competitors.

When you know your targeted market and house size, now you need to design the home you are going to build. Many people think you can have a house design before you have a property in mind and that is not true.

Select the house to fit the lot, do not select any house for any lot. An example can be a rear downhill sloping lot, if you select a home that is deep without a basement then you need to build the grade up at the rear of the home to compensate for the lot slope. This can be extremely expensive and usually when you need fill it is not available. For a down sloping rear lot a home with a walkout lower level is best. Just like a home with one story fits a flat lot perfectly. An uphill lot fits a house with a garage under to cut the vertical angle of the driveway and so on. You need to select something that works with the contours of the land and not against them.

Finishes and design are dictated by the comps of your market space. The sales prices dictate what you have to spend and the room for your profit. Colonial style homes have minimal wasted space so the cost per foot is less than something with more angles. Sometimes a home with more angles elevates the design style and sales price so it may be the best fit for your comps. You want to provide a great flowing usable lay out. Family space along with work space as in the Kitchen. Have you ever tried to cook in a Kitchen where the range is sandwiched in a brick or tile alcove? They provided 6″ of counter for fire protection on each side, it looks nice but really is not suitable for cooking.

House Selection

Put yourself in the buyer’s shoes and make sure your design is family friendly. You also need to design something that works with the budget. Most colonial style homes use square or rectangle layouts that have usable space, some houses with curved rooms have wasted space that incurs cost to build. True Modern homes are minimal, many designers say they are cheaper to build. I have found that is not true, they are beautiful and I love them but typically there are flush beams that limit wires, HVAC, plumbing pipes causing higher install cost. Larger windows are also expensive and especially in hurricane prone areas.

Before going to far in design start working your math to make sure you do not over design or over spend on professional fees for a house that blows your budget.

You have to Give to Get

If you build it do they come? That is only in the movies, you need to give to get and finishes are where the give is. Fancy paint colors, design fads, these are items to stay away. Working in the Northeast you see design styles earlier than you see on the west coast or southern states. Black windows for instance or waterfall countertops have been around since the early 2000s and we are 10+ years past that design style, black windows work in a modern design home or in a metal frame older style window. Modern Farmhouse… OMG Stay away!

You need a design most people will love, not to heavy and not skimpy. Design style, colors, textures that a majority of people will like. They can customize somethings after the purchase but you want to stay middle so most will be happy with your choices. Busy moldings, weird wood on walls, crazy paint color to create a feature wall, save those designs for your own house. Keep your spec house clean with room to add. Saving money is great and you need to, but keep in mind what your sale price is. Maybe a $1.10 sf floor is not going to look great in a $1.6M home. Same for a $8.50 sf floor in a $300K home. You have to find balance and you should one up your competitors in your price point but just do not over or under do it.

More to come: info@iridiumdev.io

7Oct

Real Estate For Sale

by Lee Seward Real Estate

Create your Equity

So many people have purchased homes in the past 3 years with low interest loans. Some of these purchases resulted in flood loss and water damage.

What do you do when you encounter a storm surge that destroys your home?

Do you recover costs from Insurance? Then rebuild until the next time? Do you sell at a loss?

Why not take the equity you created and create a sustainable home for your family?

Go up, put your possessions that survived the flood in storage, rent an apartment temporary and hire a GC to rebuild your home elevated on the lot you own.

Change this Waterview

To this Waterview

You do not need to be on the water, just near the water. If your home is in a neighborhood of single family homes, you can build a reverse style home floor plan.

Living Room, Dining Room and Kitchen on the second floor where you can appreciate water views. On the first floor are the bedrooms. Built elevated so the lower level is resilient to water flooding.

6 Month Timeline

What do you think your new finished home would be worth?

What would be the cost to hire a GC to build this for you?

How long would the work take?

How would you obtain the funding for this?

Contact us to find out. We work with numerous lenders who can help you. Yes this work would only take us 6 months time from start to finish. Contact us for more details:

info@iridiumdev.io

21Sep

SW Florida RE Equity

by Lee Seward Real Estate, Home For Sale, Housing Market, Property For Sale

Base Hits

Real Estate is very lucrative today 9/21/23 even with interest rates where they are.

The area where we develop has had 16 closings for new construction ($1.0M and up) in the past 90 days.

Average days on market 100
Average sold price$2,547,240
Average list price $2,547,240
7 Sales were conventional mortgages
9 were cash

Average days on market include builders listing homes pre-construction

RE Equity

Using our experience in the market, our construction ability, we are able to obtain permits, construct, and close our houses around a six month timeline. Our competitors take over 18 months just to build. Our equity returns are typically in the 80% range in less than 12 month term.

We deliver excellence with speed. That has how we founded our business and how we are different than our competitors.

Our base hits score.

If you are interested please contact us

info@iridiumdev.io

22Jun

Solvency of General Contractors

by Lee Seward Contractors

Discovering that the contractor you hired has run out of money can be a frustrating and disheartening experience. It’s especially alarming when you’ve already paid more than 50% of the contract amount, but only 5% of the work has been completed. Unfortunately, this is a common issue in SW Florida, where predatory contractors often take advantage of homeowners. The consequences can be devastating, leaving you with a delayed remodeling project, unpaid subcontractors, and even an unfinished or unbuilt home. In this section, we will delve into the challenges faced when encountering such situations and explore potential solutions to navigate through this unfortunate scenario.

Your Contractor is out of Money

The first item to uncover is discovering the items actually paid for your project. Since you are in a situation (you never asked to be in), you cannot take this at face value. You have to request a list of items the contractor paid with the actual invoices. You then need to call to confirm the payments were made. If this goes to court the information will be divulged. Trying to work this out is the best situation for the builder and yourself.

The Workout Option

Once you figured out how bad it is you have two options, attorney and court or try to work it out. Both options suck but if it is possible to work it out that will most likely offer you the most return. Legal battles are costly and if the contractor is out of money and you win, what would you expect to gain?

Finishing your project is the best situation. The path forward would result in the contractor providing labor to cover the amount of money stolen from your project. You need to pay for the materials and subcontractors directly to assure they are actually paid. You will make the contractor source the lowest cost forward to finish your project and you will make sure they are providing you full cooperation to see this through.

The Legal Option

This path is costly but may be your only path, NOTE: we are not providing legal advice and before committing to either option you should always consult with your attorney first.

The discovery process will uncover what was paid and how your money was spent. Most likely they used your money to pay bills from past projects and cover operation overhead. Depending on how big that hole is will determine your outcome. The downside of this process is time. It takes time to get this to court while you spend money. Your project will sit longer unfinished while you wait. There is a chance the court will require the contractor to finish your project if they do not have the cash to refund you but the capability to finish. Hopefully when all is final you are able to recover some cash.

Protect Yourself

Try to be as proactive as possible. Make sure you know what is included in your scope of work and the values used to create your agreed cost.

Pay only for work in place, deposits are always required to purchase items and legally the deposit you are requested to pay should only be used for supplies to start your project. Have discussions of what has been purchased, windows have long lead times and need to be paid prior to ordering, plumbing fixtures need to be present for plumbing roughs, cabinets, stone/tile, etc.

Most of all make sure when you have paid or are about to pay your contractor that they have performed the equivalent of work in place. If there is no action and you have paid a great amount then you should reach out to an attorney and see what your options are.

Proactive is the best protection.

If you find yourself in a situation where you need a second opinion, please feel free to give us a call 561-597-0021 or send us an email at info@iridiumdev.io

21Jun

Hiring a Bad Contractor #2

by Lee Seward Contractors

What can you do?

Hiring a contractor for your project can be a daunting task, and unfortunately, not all contractors are created equal. If you find yourself in a situation where you need to fire your contractor due to poor performance or other issues, it’s important to protect yourself and your investment.

One of the most critical steps is ensuring that all work is paid up to date between your contractor, suppliers, and subcontractors. This includes requesting lien waivers with dollar values and percentages to complete. These waivers protect you from any legal claims against your property by unpaid suppliers or subcontractors.

Additionally, it’s essential to request subcontract agreements and contact information for everyone who worked or has been assigned to your project. This information will help you stay informed about who is working on your project and ensure that everyone is paid fairly.

If you’ve already paid your contractor but suspect that they have overbilled you or delayed the project without justification, it’s important to know your legal rights. You may be entitled to compensation or other remedies under state law.

Finally, make sure that you keep a detailed list of deposits made throughout the project. This will help ensure that all payments are accounted for and can be used as evidence if needed in any legal disputes.

By taking these steps, you can protect yourself from bad contractors and ensure that your project stays on track financially.

Click here to learn more

Tag Property For Sale

Time to Build your Home

Create Equity 2024

10% Down for Loans up to $800,000

20% Down for a loan up to $1.5M

30% Down for a loans up to $3.5M

Put $700,000 of Equity in your Wallet

POPULATION GROWTH IN FLORIDA has been booming lately. According to recently released census data, Florida has seen its total population grow by 14.6% over the last decade, nearly double the growth rate of the United States.

The thousands of people streaming into Florida are putting pressure on housing prices. The Florida Realtors association reports that the statewide median sales price for single-family existing homes is $375,000, up 23% from the previous year.

With the increasing demand for real estate and rising prices across the state, many people have turned to construction loans to finance the building of new homes. If you’re going to spend a lot of money on a house, you might as well purchase a lot and build a custom dream home, right?

When someone decides to build a new dream home, one of the first things they start exploring are construction loans, which are a little different from conventional mortgages when you’re purchasing an existing home.

As you research, you’ll soon find that construction loans have different rules and qualifying criteria. The nightmare scenario to avoid is one where you’ve committed to purchasing a lot but end up struggling to find a construction loan.

Fortunately, there are loan officers that specialize in construction loans. They have years of experience working with underwriters to make sure you navigate the application, pre-approval, and closing process.

If you’re a homebuyer looking for a construction loan specialist, we can quickly connect you with several options customized to your specific needs so that you can make the best decision for you

Benefits of a new a construction loan in Florida

Construction loans are short-term financing that are used to cover the cost of building a house from start to finish. Construction loans can cover the costs of buying land, working with an architect to draft plans, permit fees, and the labor and materials necessary to complete the house.

The other important thing to consider is that home construction loans aren’t distributed as a lump sum. Instead, your lender will distribute money to you through a series of installment payments as the states of the construction are completed.

$14,000 Down Payment

5 Top Florida Construction Loans

1. TD Bank

The TD Bank construction loan has some great benefits if you’re looking to build a house, with down payments as low as 20% for a loan up to $1,500,000.

720-740 FICO score desired

20% down required on loans up to 1.5M

30% down required on loans up to 3M

One-time close

Primary or secondary homes are eligible

Fixed rate and ARMs are available

Purchased lot considered in the down payment

No pre-payment penalties

Interest rate locked before construction begins

If land has been owned for at least 6 months, we will lend up to 80% of the appraised value of the entire project.

If land has not been owned for at least 6 months, we will lend up to 80% of the land acquisition cost+cost of construction

No Condos or Co-Ops. No investment properties.

TD Bank requires 10% of the construction costs to be held in reserve, and you can use their loans for vacation properties.

2. Space Coast Credit Union

The folks over at Space Coast Credit Union offer a home construction loan up to $650,000, so long as you have a minimum credit score of 650.

One Loan: from Construction through Final Permanent Mortgage

One Application, One Closing and One Paperwork Filing

Up to 90% Financing Available

We Make the Payments to Your Builder at Key Points Throughout the Process

Automatic Modification to Traditional Home Loan at the End of Construction

Fast Pre-approval Decisions, Online or Over the Phone

No Intangible Tax

SCCU Member Service for the Life of the Loan

SCCU Interest Rate Guarantee

As far as fees go, Space Coast Credit Union is advertising no application fees or pre-payment penalties. As of the time of publishing, they are charging $1,100 in origination fees.

3. MidFlorida

MidFlorida is a regional credit union based in Lakeland, Florida with a construction mortgage product.

Down payment as low as 10%

Financing is secured before construction begins. You only need to be approved once.

Interest-only payments during construction

One-step, one-time closing

Converts to a fixed- or adjustable-rate mortgage.

Flexible loan terms up to 30 years

Jumbo loans available

4. Seacoast Bank

Seacoast Bank is another option as they lend in Florida and have a construction loan product.

Adjustable Rate Mortgage options are available

Fixed Rate Mortgage options are available that would give you the same fixed rate from construction through permanent loan

One-time closing

Local underwriting and closing decision-makers during the loan process

Seacoast Bank has a long history in Florida, tracing its roots back to 1926. Their primary areas of focus today are in Broward County through the Treasure Coast into Orlando and west to Tampa.

Does a Florida construction loan make sense for you?

Is the Contractor holding you back?

Details in your Design Expensive?

The Contractor is an Extension of your Creativity

We see and hear it all of the time, “I wanted to do this but the costs were to much so we removed it.”

Simple is easy and boring

Symmetry

Regardless what you imagine, don’t let yourself be restricted by simple.

Not Complicated

If you have experience and an open mind the work really isn’t complicated and there are ways to make it fit the budget.

You Control

The Designer is in control of the style and the contractor finds a way to make it happen.

Be You

Let Iridium Help

Private Commissioned Residences

For the Discerning Designer

561-597-0021

How is St. Petersburg Different?