Last month a Conventional Lender called us on behalf of one of their borrowers who had just been turned down for a conventional loan, 3 weeks into their 4 week purchase agreement for a condo in Sacramento. To say the least, the home buyer was distressed and a bit hopeless.
The purchase price was $285,000 and the home buyer only had a 20% down payment to apply to their loan, making the loan-to-value 80%. Luckily, this is the max LTV that our private investors will approve.
So, we got right to it and within 5 days of the initial call, the loan funded and recorded! We turned the distressed and hopeless borrower into a very happy and proud home owner, keys in hand.
The Conventional Lender was grateful that we could rescue this opportunity and it became a win-win for all involved.
Sun Pacific Mortgage & Real Estate is a family owned and operated Hard Money Financing Company, serving all of California since 1988. We have become known as The Guys in the White Hats and we offer short term (1-5 years) hard money loans for residential, owner occupied and non-owner occupied (SFR and multi-units), as well as for some land and commercial real estate. Our loan amounts range from $100,000 on up through jumbo size mortgages ($400K – $1,000,000) and interest rates range from 8-12%, interest only.
Visit our Sacramento lending website: http://www.sacramentohardmoneylenders.com/