LAND | LOT LOANS
Typical loan-to-value for a land loan is 60-65% but varies based on the project. The Loan-to-Cost increases as long as the Borrower has sufficient reserves some other compensating factors.
Stewards of Capital Bank does not lend outside of Florida. Once our underwriting is complete and our loan committee has approved your loan request we will then issue a Letter of Interest and a good faith deposit will be required.
Loans are considered on a case by case basis as far as establishing the loan parameters.
Interest rates can vary but typically range between 10% - 12% depending on LTV or LTC, with interest only payments (and tax escrow) due monthly and 2-3 points origination at closing. A .25% - 1.0% good faith deposit upon execution of our commitment letter to be credited at closing.
For construction loans, same as above except a 0.5% construction servicing fee is added for plan review, schedule of values analysis, inspections, processing draw requests, etc.
Typical minimum loan amount is over $500,000 in South Florida and over $1,000,000 for the rest of the state.