Private Banking
We offer a customized approach to wealth management for entrepreneurs, families, high-net-worth individuals, and the emerging affluent. We will work with you to develop and personalized financial strategy.
Loft Advisors will help you manage your financial plan through proactive guidance and regular reviews with your other trusted providers—such as your attorney and accountant—to enhance your private banking needs. Together we'll create banking solutions that reflect an understanding of your unique personal and financial goals.
Credit Solutions
At Loft, we view credit as a strategic resource which can be used for a variety of goals, such as risk management, asset protection, portfolio diversification, and special growth opportunities. The credit we provide is one resource to make those goals attainable. Your Loft Advisor will work with you to personalize a credit solution tailored to fit your unique needs.
- Secured and unsecured options—including Loft credit card
- Line of credit or term financing
- Variable and fixed interest rates
Deposit Solutions
Loft Advisors also offers premium deposit services for convenience, flexibility, and control. All of our deposit accounts come with:
- Loft Checkcard
- Free checks
- Free ATM usage*
- Increased ATM withdrawal and POS limits
- Free identity theft protection*
- Premium interest rates
- Premium social events and travel opportunities
*Unlimited no-fee withdrawals at non-MoneyPass® network ATMs
All Loft deposit accounts are insured by the FDIC.
Professional Loan Program
Thinking about a new home? Looking to purchase or build? Loft Advisors is ready and willing to help.
Eligibility:
This program is specially designed to provide real estate purchase financing to individuals in the medical and other professional industries. A medical professional is defined as any highly trained individual who has acquired certifications or designations specific to medical services such as general practitioners, surgeons, urologists, psychologists, radiologists, dentists, optometrists, chiropractors, or hospital executives. This program also includes professionals such as business owners, attorneys, certified public accountants, and executive personnel as identified as Loft Advisor eligible.
Loan Purpose:
The Loft Residential Real Estate program must be used for purchase financing of a single-family home to be used as the borrower’s primary residence. The loan program is not available for purpose of refinance. This loan must be the first and only mortgage lien and may not be used in conjunction with a subordinate purchase of mortgage.
Product Description:
Multiple conventional products may be used under this program. All products are adjustable rate mortgage loans tied to either the 3 or 5- Year Monthly Average Constant Maturity U.S Treasury (CMT) Index*. These loan products provide for an initial fixed-rate period of three or five years with subsequent interest rate and payment adjustments each three or five-year period thereafter. The products require monthly payments and are fully amortized during the period term to maturity. There is no balloon payment or negative amortization.
*The CMT index is based on yields published in the release titled “Selected Interest Rates—H- 15,” published monthly by the Federal Reserve Board. The index information is obtained from a website recommended for this purpose: http://www.mortgage-x.com (Mortgage-X Mortgage information Services).
Loan Amount:
The minimum loan amount is $300,000.00. The maximum loan amount is $1,000,000.00.
Equity Position:
The minimum down payment requirement must be verified and come from your own funds. Unsecured loans or gifts are not eligible sources of funds for down payment. A sign on bonus is an eligible down payment source.
Income and Employment:
Your employment and income, as considered for qualification, must be verified.
Loan Term:
The term to maturity is 15 or 30 years. All loans require regular monthly payments of principal and interest.
Eligible Properties:
This loan is to be used by a 1 family residential real estate property. The home must be located within the City of Sioux Falls, Harrisburg or Brandon. The home may be detached or an attached townhouse or twin-home. Condo financing is not available through this program.
LTV Valuation Determination:
The maximum LTV ratio standard is either 90 or 95 dependent on product. An appraisal prepared on the Uniform Residential Appraisal Report form 1004 is required.
Servicing and Escrow Policy:
All loans originated under this program will be serviced by First Dakota Real Estate Services. An escrow for real estate taxes and hazard insurance is required.