2.50% for 10 years on 10/1 ARM Fifth Third Private Bank Mortgage

Fifth Third Bank  offers the following through our traditional residential mortgage products and our Private Bank:

  • LLC ownership allowed for second home and investor
  • 100% Doctor financing
  • Construction Fixed Rate & ARMs. Rate is locked in at initial closing with one closing so no double costs.
  • Interest only ARMs available
  • 100% loan to value by including a portion of client’s stock/bond portfolio as collateral for the mortgage
  • Asset dissipation to create a reasonable income stream from your client’s liquid assets
 

Single Family Home Purchase 2/23/2016

Loan Type Private Bank Jumbo Preferred Banking Jumbo Preferred Banking <$417,000 Points
5/1 ARM 2.250% 2.500% 2.750% 0.000%
10/1 ARM 2.500% 2.875% 3.250% 0.000%
15 year fixed 2.750% 3.125% 3.000% 0.000%
30 year fixed 3.125% 3.375% 3.625% 0.000%

 

All scenarios: Owner occupied, purchase, 740+ FICO, 80% LTV, 45 day rate lock in.
Pricing based on Bill Payer auto draft from 5/3 checking account.
Preferred Banking: $100,000 5/3 checking. Private Bank: $1 million managed assets.
ARM: adjust caps  conf. & PB FL 5/1 ARM: 2/2/5 cap. All others 5/2/5 cap. 2.25 marg. 1 yr LIBOR index
This is not a commitment to lend.  Mortgages are subject to credit approval. Restrictions may apply.
Rates subject to change at any time, and will vary based on scenario. Call for a specific quote.
Prepared for a Real Estate professional. No APR provided.  Not intended for consumers.

 

For inquires on mortgage loans, contact:

Dan Royal

Vice President

Residential Lender

Fifth Third Bank

239-691-7323 cell

844-227-3088 fax

NMLS #387199

Collier residents have lots of purchasing power

Naples Daily News Link to Article

By June Fletcher of the Naples Daily News

Compared with some other parts of Florida and the nation, Collier County residents have a lot of purchasing power, a new report says.

But Lee County? Not so much.

New York financial technology company SmartAsset.com compared the median income and cost of living data in counties nationwide to find where people have the most purchasing punch.

The result: Collier County ranked seventh in the state and 556th in the nation, while Lee County was 18th in the state and 1,218th in the nation.

Yet Collier was the only county in the southern portion of Florida which made the top ten in terms of rankings.

The others were all in the northern part of the state: in order, St. Johns, Clay, Santa Rosa, Seminole, Nassau and Wakulla.

“Residents of Collier County can be pretty encouraged by this ranking,” said A.J. Smith, vice president of content strategy, adding that dollars go further in Collier than they do in 80 percent of the country.

To calculate the rankings, SmartAsset looked at the cost of living in 3,135 counties — food, housing, taxes, transportation, education and child care, health care, and miscellaneous expenses like clothing, personal care items and household cleaning products — using government data sources.

It then extrapolated two different cost of living numbers: one reflecting a baseline cost of living in each area and the other based on expenditures typical to an adult with no dependents making the county’s median income.

It combined these two numbers using a weighted average based on how close the county’s median income was to the minimal livable income, and subtracted income taxes.

Purchasing power was calculated by determining the weighted cost of living as a percentage of the area’s median income.

SmartAsset determined Collier’s cost of living to be $37,233 and median income to be $56,250, for a purchasing power index of 72.72.

Lee’s purchasing power index is 67.44, based on a cost of living of $34,193 and median income $47,908.

 

Elite Airways Announces Start of Service to Newark, NJ

Elite Airways is a Maine-based airline that signed an agreement in Fall 2015 to fly commercial flights out of Naples’ airport.  They will begin scheduling flights on Saturday, February 27th.  Company officials of Elite Airways discussed their service to Naples Municipal Airport during a news conference on January 21 stating that Naples’ airport will display an Elite Bombardier CRJ jet and will provide flights to Newark, NJ twice a week.  According to commissioner Jim Rideoutte, Elite was waiting for the CRJ jet to receive certification from the Federal Department of Transportation before tickets will be available for purchase.

The deal was signed in October in hopes to begin scheduling  flights in December 2015, but the city had to wait for the Transportation Security Administration to set up its services.  Naples Airport Authority has  spent $63,300 to refurbish its old commercial terminal in September 2015 before Elite signed the deal and an additional $24,200 was spent on security equipment including dividers and a pat-down room.

Airport critics said they are worried that these Elite flights will add on to the existing argument of the amount of noise the airport already produces.   There are also concerns the business may suffer because of the hold up from the federal regulators and the criticism for not informing the Naples Airport Authority’s Board of Commissioners and the Naples City Council about the deal before it was signed.

 

Banks start to ease 20% downpayment for jumbo loans

NEW YORK – Feb. 17, 2016 – Banks and other lenders are easing the 20 percent downpayment requirement on jumbo loans.

A minimum 20 percent downpayment became an industry standard for jumbo mortgages following the real estate bust, but lenders increasingly approve jumbo loans with downpayments of 10 percent and sometimes less.

Some mortgage bankers say that younger borrowers have stellar credit ratings and sufficient assets and incomes, but high rents don’t allow them to amass enough cash for a 20 percent downpayment.

Newer loan products from big banks, credit unions and online lenders offer jumbo mortgages with loan-to-value (LTV) ratios of 85 to 90 percent. San Francisco-based online lender SoFi says that high LTV jumbo mortgages account for about 80 percent of its mortgage lending – and 65 percent of its borrowers are first-time homebuyers.

Lenders typically enforce strict qualification rules and charge higher interest rates for borrowers putting down less than 20 percent, with Wells Fargo’s current rates for an 89.9 percent LTV jumbo mortgage about a quarter to three-eighths of a percentage point higher than loans with a 20 percent downpayment.

Source: Wall Street Journal (02/11/16) Martin, Anya

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

Giant Gains for SWFL Home Sellers

Thanks to fast-rising home prices, Southwest Florida sellers saw a big bump up in average price gains since purchase in 2015 — a percentage that’s roughly twice the national average, a new report says.

Nationwide, sellers who sold their homes in 2015 made an average of $20,378 from their purchase price, RealtyTrac reported Thursday. That’s an 11 percent gain — the biggest since 2007, the Irvine, California-based research group said Thursday.

But Collier County sellers who sold their homes last year made an average of $49,900, a gain of 21 percent from when they purchased their homes. In 2014, Collier sellers saw only a 7 percent gain, or $16,900.

Lee County sellers saw average returns of 23 percent, or $33,000 in 2015, compared with 6 percent, or $8,900, in 2014.

While such gains sound impressive, they don’t compare with the returns of housing’s go-go years.

That happened in 2006, when Collier’s sellers walked away with an average of $168,375, a 73 percent gain from their purchase price, while Lee County sellers made an average of $121,000, a 92 percent gain.

Daren Blomquist, RealtyTrac vice president, said that while “the history of the market is very speculative,” Southwest Florida home sellers shouldn’t expect such wallet-bulging windfalls to return any time soon.

Because of government restrictions on lending, “there are checks and balances in place now that weren’t then,” he said.

Meanwhile, the percentage of sales to investors, cash sales and distressed sales continue to shrink throughout the region, while the percentage of traditional sales backed by loans from the Federal Housing Administration is ticking up.

That’s an indication that the region’s real estate market is stabilizing, said Blomquist.

“It’s generally a good sign that the Southwest Florida market is broadening, and not just dependent on wealthy cash buyers,” he said.

While so-called vulture funds dominated the market during the down years between 2008 and 2013, swooping up short-sales and foreclosures, their participation in the market has fallen as once-abundant bargains have dried up, Blomquist said.

In Collier, bank-owned sales dropped to 7.3 percent of the market, or 960 sales in 2015, from 11.1 percent, or 1,487 sales in 2014. In Lee, once the center of the housing crisis, the 2,416 sales made up 10.5 percent of all sales, while in 2014 it was 15.9 percent, or 3,552 sales.

The lack of deals has steadily driven institutional investors to cheaper markets than Southwest Florida, Blomquist said.

In 2015, 98 sales in Collier were made to institutional investors, down from 317 in 2014. The percentage dropped to 0.8 percent from 2.4 percent. The percentage of Lee County sales to institutional investors fell to 1.6 percent, or 351 sales last year, from 5.7 percent, or 1,256 in 2014.

Since investors often buy with cash, their departure is one reason cash sales have fallen in Southwest Florida, Blomquist said.

Cash sales in Collier made up 57.5 percent of all sales, or 7,603 sales, compared to 60.2 percent of sales, or 8,058 sales, in 2014. In Lee, about half of all sales in 2015 were for cash, down from six out of ten a year earlier.

And as the competition for housing has eased, there have been more opportunities for traditional buyers who need a mortgage.

In Collier County, the count of FHA-backed sales rose to 829 in 2015, or 6.3 percent of all sales, compared with 582 sales, or 4.3 percent, a year earlier. In Lee County, 12 percent, or 2,761 sales, were FHA-backed in 2015, compared with 8.2 percent, or 1,844 sales, the prior year.

But Blomquist saw some warning signs, too, particularly in the fact that home prices in the region have accelerated for 57 consecutive months in Lee County and 41 months in Collier County, while incomes generally have remained stagnant.

“At a certain point I could see a definite chilling of the market as affordability hits a wall,” said Blomquist. “This is most likely going forward.”

However, in a separate report released Wednesday by MetroStudy, chief economist Brad Hunter noted two factors that could counterweigh the pressure on traditional buyers: job growth has strengthened, and Southwest Florida housing starts have risen 35.3 percent in the past four quarters, loosening tight supply. New home closings make up about 18 percent of the region’s market, MetroStudy said.

By June Fletcher

Find this article: http://www.naplesnews.com/business/real-estate/southwest-florida-home-sellers-getting-giant-gains-2ae434bb-c4ce-55b6-e053-0100007f0d5d-367555221.html

New Development along US 41

The southern boundary between Naples and East Naples along U.S. 41 could become almost unrecognizable over the next year or two.

Collier County has received three offers from developers hoping to take over a 5-acre slot of county-owned land between U.S. 41 and Davis Boulevard. Commissioners will be asked Tuesday to rank the three proposals, one of which promises to build an 18-story condominium tower and 11-story hotel. Commissioners could give officials the go-ahead to start negotiating a contract with the top choice.

The land is worth $5.2 million, according to a county-funded appraisal completed in August, but the county could be in line to sell it for much more than that.

The site, which is home to a handful of empty buildings, former car rental agencies and auto body shops, has long been one of the county’s top redevelopment priorities. It anchors a pizza-slice of land between Davis and 41 called the Gateway Triangle, a hodgepodge of warehouses, gas stations and storefronts.

Commissioners tried to sell the land last year to Naples developer Anthony Fortino for $5.2 million, but the deal crumbled after Fortino failed to close by a July deadline, saying he needed more time to take care of “administrative” matters. The county put it back on the market this winter.

Local developers Jerry Starkey and Fred Pezeshkan of Real Estate Partners International have offered $6.4 million for the site, proposing to build an 11-story hotel with a rooftop restaurant, an 18-story condo high rise and a high-end movie theater along with a mixture of restaurants, apartments and storefronts in the remaining space.

The offer, which is 23 percent above the site’s $5.2 million appraised value, would match the $6.4 million the county spent buying the land in 2009.

“This is exactly what we have been hoping for,” said Commissioner Donna Fiala. “It has all the makings for a grand entryway into the East Naples area, which will then breathe new air into everything around it. This can be the catalyst. It can bring a fantastic shopping area that will lend itself so beautifully from the city and Fifth Avenue all the way here to East Naples.”

Starkey and Pezeshkan did not return phone calls seeking comment.

The county’s redevelopment arm for the area — the Bayshore Gateway Redevelopment Agency — ranked the proposal as its top choice, followed by a $5 million offer from a Tampa-based firm with plans to build a mix of retail with 250 high-end residential units. The firm, Framework Group LLC, also promises to forever keep 10 percent of its residential units affordable to local professionals, saying it would cap rent at a price point equal to 30 percent of the area’s median income.

The final offer, ranked third by the redevelopment agency, came from Boca Raton-based Banyan Development, which would pay $3.9 million for the land and focus on building a supermarket and other retail.

The county has been trying to redevelop the site since the 1990s, said Jean Jourdan, the redevelopment agency’s operations manager.

The goal has always been to find a developer who would build a mixture of higher-end residential and restaurants and stores, she said.

“We want a catalyst,” Jourdan said. “Something that would pop and wow people and bring them into the area. We think our top two proposals would do that.”

The Starkey and Pezeshkan proposal — to build the 11- and 18-story towers — would need a zoning variance from commissioners to build that high. Both of the top-ranked proposals would need permission to add more density than is typically allowed.

But the area, which is already a busy commercial corridor and thruway, may be more suited to the taller denser developments than other parts of the county, Jourdan said.

“The property doesn’t look into the water or anything like that,” she said. “But that’s something we’ll need guidance on from commissioners.”

By Greg Stanley of Naples Daily News

Find the article: http://www.naplesnews.com/news/government/gateway-triangle-property-could-bring-county-good-sales-price-development-plan-for-hotel-condos-r-2a-366488491.html