Iridium Development


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Create Equity by Building your next Home

Time to Build your Home

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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

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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. 


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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. 

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Interior Designer

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


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


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Real Estate Investing 2024

What is more exciting than SOLD in regards to your Investment?

Sold Single Family Homes December 2023

SOLD Single Family Homes Past 30 Days 2023

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   It is a great feeling when your investment sells and it is a greater feeling when it sells in the timeline you planned. 

What is the secret?

Location, build something of value for your market buyers, spend wisely, build what makes sense. 

That is the boilerplate answer.

   The real secret is to execute and know what is involved. As a hands on developer, I seek lots without obstruction, nice streets, obvious great neighborhood, but the surrounding homes and neighbors are important. Never a corner lot, they are much less valuable as you need more room to fit a home. Per zoning regulations corner lots have two front yards and that pushes the building parameter close to the sideline leaving little room and less desirable conditions. Downhill or sloping downwards lot is a hard NO unless you can bring in fill. Purchase price, there is a ceiling number go above that number and you are not profitable. Just because a house sold for X around the corner does not set the ceiling for the property you need. Cash purchase, or finance, it is all the same. Taking money out of something to use to purchase property costs interest in some format just as borrowing money. 

What to Pay for Land?

I am asked often for advice on what should someone pay for a lot? What is the formula? 

  Here is the answer, you need to know the market, the finish home size and the sold price. What has been selling in the area? That is the ceiling, not the highest sale but the lowest sale of a new home in the area you choose. The lowest sale price of new construction within 6-12 months. Then you need to see what was in the homes that sold, how many bedrooms, bathrooms, what type of finishes, lot sizes, etc. Now you have built a ceiling, an X sft home with X bedrooms, X bathrooms and X finishes cost $X. 

  With the ceiling you can come up with a per ft cost to build then finalize what the purchase price ceiling has to be for the area. There is no other way to know a lot cost and just chucking numbers without doing homework is fruitless. Your realtor cannot set the lot ceiling price or tell you a great price, you can never compete with end users who may be bidding against you. They are buying to live, you are buying to develop and flip. You need to cover costs, plus time (time to develop, time to sell, time for market corrections if you get caught in a down cycle). 


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  Timing is the key to success. Even if you slightly overpaid for a lot, you may have a chance to be profitable if you can execute. 

  For me the selling market dictate when I need to complete a home. The cycle, in some areas buyers are out in the spring after bonuses are out and the temp breaks. Other areas it is the winter when buyers migrate from the northern areas looking for a second home. When you obtain your building permit the clock starts. You need to execute and create a timeline for your completion date. If you hurry can you finish during a strong market? If you wait will interest rates be lower? If you hurry will you be finished so you are ready for the spring pop? These are huge factors in building successfully. I have seen builders fold and the common thread is they do not have the ability to execute. Many have the gift of gab, this lets them raise millions but few can execute and at some point everyone gets lucky until luck runs out. 

  We execute and have a track record of doing so. It is easy to do and you can do it also. The key is to use the downtime of waiting for permits to build your home on paper.  Basically price out everything, select everything, have it ready to purchase and store it. Line up all of your trades and when you receive your permits and we actually work with our subs to set the pace of the job. That effort and drive created builds momentum that pushes you forward to completion. 

  If you are building and heading in to a down cycle you may decide to take it easy. In this case you wait to hire and purchase items or trades. You seek the best deal and pull the trigger. This will offset the cost of time, it may not be something worth doing if you are using debt. It is also something I am not personally wired for. I would rather finish the job as quickly as I can then refinance and rent to hold or leave on the market to sell. I prefer to be in control of a completed asset rather than one in perpetual construction. 


Profit Margin

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What should you make for a profit margin? 

  You want to maximize your potential in any market. Profit is made on what you spend, the more you can create for less the higher the margin. 

 How do you create profit? This varies by what you contribute to the deal. If you are money you can contribute money for less cost. If you are the developer you can provide the build at less of a cost. In our situation we provide both development and money. Our target margin varies on each deal, our sweet spot is to double the cash invested. So if we sink $450,000 into a deal we want to create $900,000 in profit after all cost. This holds true for any size deal we do. The deciding factor is what is available for us and what appetite we have at that time. If you are the developer with little cash your profits will be lower, just as if you are the money and not the developer your margins will be lower. It is all relative to what you bring to the table. 

Where to Start?

  Pick a location and area where sales are happening. Select your targeted sale price based on what is selling and the demand in the area of your location. Let the market speak to you and do not try to convince yourself of something that doesn’t work. Schools systems drive desirable locations and bring down other locations. Be selective and know the buyer and decide what price point you want to be in. If $750,000 is the targeted market than back into the numbers and see what is available. Make sure you pick a state where sales are plentiful and people want to live there. If you cannot find anything then move to another area or price point. Play with the numbers and do your homework. If someone has a lot they will give you cheap, what is the value when you build a house that no one wants to buy? $0 is the value or worse-$0. 

  Back in 2013 I wanted to purchase NYC townhomes and convert them to single family luxury homes. The equity I needed wanted me to convert single family townhouses to multifamily. They couldn’t see the value in one buyer over multiple. They offered to back me 100% cash if I were to agree. This was insane to me then, at the time there were cranes every two blocks in NYC. New construction was changing the skyline and new buildings going up everywhere. How could I purchase a townhouse with the shell restricted by zoning and convert it to multi? When the bottom hits the new construction has amenities on site, I have a shell of an old building. Yes I can build amazing apartments but they will have windows only in the front or back, it will be limited against unlimited.

  So, did I do it? No way, I opted to stay my path and ended up renovating a few townhomes for wealthy clients rather than build speculative ones finished for them. The market was there and yes the multi market did eventually slow down. Great wealth is always there, creating value and providing turnkey move in ready quality product is proven in all cycles provided you do your homework. Someones loses becomes someone else’s gains, that is the cycle and always will be. 

If you are interested in developing together give us a call we are open to JV deals.


Luxury Estate and Development

Reoccurring Flood Damage

Home DIY

Flood Prevention 101

Here are some tips to keep water where it should be

Did you know that “INSANITY” is defined by doing the same thing over and over again and expecting different results? 

  Replace drywall, install new cabinets, moldings, flooring, furniture…wait for it….BOOM!  the next storm surge (not hurricane) your home is damaged again. Be angry at those property owners who drove past your home and created a wave that gets your house wet. How dare they leave the house they own to get away or go the house they own to check damage. You have every right to be upset, you just replaced all of the damage created from the last flood and now your home is damaged again. 

If your house flooded from a storm surge and you only replaced everything, you could be INSANE. You need different solutions to stop future water damage.

  • Where was water infiltration entry?

  • How high was the surge and water level outside and flood water inside?

  • What height (off the floor) are the entrance doors to the house?

  Take this information and create a plan.

  Most likely the height of the water level caused the damage. Raise all of your door entrances up as high as possible. Replace the space above your doors to installing that space below your doors. Add a landing outside to enter, and one inside if needed. Waterproof the lower elevation of your home, the entire perimeter. There are many waterproof membranes that can be applied as paint and will stop any water from entering. Besides being easy to apply, you can also paint over so it is not visible. Build the grade around your house up, add planting beds to buffer water and make sure you waterproof continuously behind and higher than the beds prior to creating the beds. Your garage, raise everything off the floor, be sure to waterproof the all of the walls 24″ up and to the concrete slab. Remove HVAC units, water heaters anything in the way and replace after applications are applied generously. Cover the entire concrete slab, be sure to raise the entrance door from the house to the garage to the max and add landing as needed.  

  Raise your exterior doors to create a buffer below. This work may be involved but if you do it once correctly you won’t have to do it again unless something huge came through. If your home has 8ft ceilings and you door sits on the floor of your home, you have these options:

  • Option 1 remove the lintel and replace with a laminated wood beam that is short in height and fat. Use the difference in height to raise the door with cement infill and waterproofing. A typical door is supporting 1 or 2 trusses so a 4″-5″ tall laminate beam is suffice. 

  • Option 2 remove the lintel and open the ceiling up inside, install a flush header above the block walls and joist hanger the trusses into the beam for support. put your door to the ceiling line and add the space below with cement and waterproof to bottom of footing. 

  • Option 3 open the ceiling, remove 2-4 trusses entirely, create a reverse gable roof and infill with framing. Raise your door 2ft and create an entrance outside and inside. Be certain to waterproof your exter to the bottom of your footing or at the least to the top of your footing well below your concrete floor elevation. 

What is the cost? What is the amount of work involved? Slightly more than the work to replace what is damaged. So if you do this work while you are repairing your home the cost is nominal and you would not feel it. You would stop the stress worrying about flooding again, you would also increase your homes value. When you have a claim on your home it is noted and recorded. Your premiums and future owners premiums will be higher and it will be an issue later. 

Recap, doing the same thing and expecting different results is Insane. 

Give us a call we provide free estimates and we can help you. 561-597-0021

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Home Flood Prevention and Mitigation

Flood Damage

Flood Mitigation

  When you have water damage the first thing you need to do when the water recedes is to dehumidify the area. If you have a dehumidifier set it up to run 24-7. If you do not have one then you can set your thermostat low and run your ac until you are able to get your hands on a dehumidifier. Remove everything that is wet from the house including drywall. Cut the drywall above the waterline until you find dry area. Drywall will soak the water so the sooner you cut it the less you will need to purchase later. Remove wet wood moldings carefully so you can possibly re-use when it drys out. 

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  Besides raising your home there are steps you can take to prevent damage from storm surges. One is notice how the water has entered your home. Through the walls, through doorways etc. If your home is block construction on concrete slab (like the one in the picture), the focus needs to be on waterproofing the lower level of the masonry walls. Raise your entrance doors and help offset water damage to the extent possible. 

Raise Exterior Doors

  In the picture (above) you see the step up to enter the home at the front door, this is good and you can also see the space above the front door to the ceiling. Raise your front door, create steps and landing outside, modify the ceiling inside and outside, create a landing inside to step down. This would need to be done at all exterior doors including the one from the garage to the house. 

  Next, waterproof the entire lower section from below the interior floor level. Dig the soil away where possible by hand and apply a waterproof membrane. Manufactures are plenty (Laticrete is a brand we use often) and apply this over the surface and include the area you raised under your door ways. Cover the surface area heavily including wall to floor along your garage floor and walls,  apply multiple coats after each drys properly. You can also apply Laticrete to the lower section of your finish interior walls and the corner of the floor, this will stop water from intruding into the wall and prevent your drywall from getting wet in the event you experience water intrusion. Laticrete and most products can be painted over so this will allow you to blend it in. They have a fabric that can be applied at the corner of the wall and floor, this will seal the edges and keep the wall dry. 

  The steps above will help resist water from flooding into your home based on the elevation but it is not a sure fix. Elevate your home is a sure fix and this can be done by building over your existing walls. The cost to elevate your home will reduce your flood insurance and increase your home value. Repairing will help prevent damage from surges at the lowest expense to you, but it will not increase your home value. 

    Information to know, single story masonry block wall homes are built on top of concrete footings set in the dirt. The floors are concrete slabs installed over compacted soil. Your interior walls are built over the concrete slab. House movers raise homes, these homes are typically wood frame homes (floor & walls) built on top of foundations. The interior floors are structural wood floors with beams posted down to concrete footings. To raise a wood frame home there are location points used to jack up the home, because the floor is structural they use the post locations to raise the floor and the entire home. 

  Could you lift a slab on grade single story masonry home in similar fashion? Yes but in order to raise it supports have to be added to the existing concrete slab that your interior walls sit on. So you tunnel underneath to add supports and lift or you cut up the existing floor and add supports to lift. Think of the amount of work involved. Labor is expensive and really what are you saving in the end? 

Elevate your Home

  Our solution is to remove your roof demo all of the interior walls and flooring, reinforce footings as needed with masonry piers, plus necessary anchors, then build a new floor, with new walls on top of your existing block walls at the elevation required. 3-4 months work and done to the style design you want all new. 

  The cost to elevate your home increases the value of your home offsetting the cost to do the work. We can raise your existing home at a cost of $111-$185 per square foot. The price is based on the structural integrity of your existing foundation and maintaining the same footprint of your existing home.

If you are interested give us a call and we can provide you with a free estimate. 561-597-0021.

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