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Winter Brings Out The Serious Buyers

January 22, 2019

Winter Brings Out The Serious Buyers

If someone is out looking for homes in the winter season, it is usually a sign that they mean business.  So how do you, as the Seller, take advantage of this available market?

Start by making sure that the exterior of you home is as warm and inviting as the interior.  Bare trees make for a more exposed home, so freshen up the outside of your home by keeping the gutters clean and sprucing up the yard.  Keep those leaves raked and the lawn alive.

Price your home to sell.  Rather than gradually making small price reductions, which could make you look desperate, get with your local & experienced Realtor and properly price your home before you list.  This strategy encourages multiple offers! It’s far better to have your buyers competing over your property than having you going back-and-forth over the purchase price, with your prospective buyer.

Remove most or all (if possible) of your personal décor.  Staging is one time when the maxim “less is more” should be the watch word.  If your living room area is a small space, arrange your furniture so that there is ample room to maneuver through and around the room.  Group your furniture into conversational zones to make your home feel cozy and inviting. Don’t be stingy with the heat during showings.  A warm, pleasant smelling house can go a long way toward influencing your prospective buyers. Crank up the heat, bake some yummy cookies, play soft music, burn scented candles, etc. to set an ambiance that makes your buyer want to move in.

As “Winter Sellers” you enjoy an enthusiastic audience with “Winter Buyers”. These prospective clients would not be trudging around in the rain, cold and wind if they were not ready and willing to make an offer on the right property!  Make your home the property they want by listing now and following the suggestions above on presenting your home in the best possible winter light.

Hope this helps get you that fast sale!

Do You Know Your Loan Purpose? It Could Make Or Break Loan Approval!

January 15, 2019

Do You Know Your Loan Purpose Could Make Or Break Loan Approval

Are you aware that the Loan Purpose is critical to a Hard Money loan?  Actually, any loan?

Years ago, loan programs were somewhat divided along the lines of owner occupied or non-owner occupied.  The Dodd-Frank Wall Street Reform and Consumer Protection Act changed that.   Now the Purpose of the loan dictates what loan programs will be available to your Borrower. 

“Consumer Purpose” loans are generally defined as loans for personal, family or household purposes. Such loans include, but are not limited to, loans to purchase, remodel, repair or improve a principal residence; purchase a vacation home or personal vehicle or boat;  to purchase furniture, furnishings, appliances, or other consumer goods for personal use;  to pay, refinance or consolidate personal or family debt or credit cards;  or for education expenses, vacations, and medical expenses.

“Business Purpose” loans are used to purchase an investment property or a cash out refinance where the funds are used for any business purpose. The property collateralized can be owner-occupied or non-owner occupied as long as the funds are used for investment/business.  Such loans include, but are not limited to, loans to purchase, repair or improve real property for use in the Borrower’s business;  to acquire, improve or maintain certain non-owner occupied rental property;  to purchase, improve or repair tools, equipment, machinery, fixtures or furnishings used in the Borrower’s business;  for operating capital e.g., employee salaries or to purchase or pay for business inventory, supplies, rent, taxes, insurance, and other related expenses;  or to payoff, refinance or consolidate business debts.

Please note that the loan can be Consumer Purpose even if the property is a rental or commercial.  It is the Purpose that will dictate the Loan Program.  For example; Borrower has an existing rental property and needs cash out to consolidate personal debts.  That would be deemed a Consumer Purpose loan.  Another example is a purchase of a rental property.  That one will always be a Business Purpose. 

Not all Hard Money lenders will do Consumer Purpose loans, so you need to be sure and ask if you know it is Consumer Purpose.  Here at Sun Pacific Mortgage, we do finance both Programs

In the description of your Loan Scenario, please make sure to include the Loan Purpose.  This could make or break your loan approval!

Taking Hard Money To The Next Level Of Super!

January 10, 2019

New Year Promo 1A

“True ‘Captains of American Lending’, you guys are blazing the way through complications & compliances of old lending and are true pioneers of the future.”  Borrower, M.F.

RECENTLY FUNDED WITH HARD MONEY

We Finance Single Family Houses, Condos, Principal Residences

+ Multi-Family Units, Commercial & Office

$525,000 – Temporary Refinance
Escondido, San Diego County
69% Loan to value
10 Days to Fund!

$763,000 – Non-Owner Purchase
Santa Rosa, Sonoma County
70% Loan to value
9 Days to Fund!

$1,300,000 – Temporary Refinance
Perris, Riverside County
80% Loan to value
19 Days to Fund!

$805,000 – Commercial Refinance
San Fernando, Los Angeles County
59% Loan to value
13 Days to Fund!

 

Call today at 707-523-2099 with any questions or scenarios.  We look forward to helping you take your 2019 to the next level of super!

Are We Looking at a Change In California Real Estate?

January 3, 2019

Are We Looking At A Change Ca Real Estate

When we review the real estate market over the past couple of months, more than a quarter of listed homes has had a price drop according to Redfin.  Additionally, the supply of homes has increased for the first time in three years according to the National Association of Realtors. There has been a market shift, especially in California.  

Median home prices remain in the higher ranges for the time being, though. Even in Silicon Valley inventory is increasing and sales are slowing.  Where a seller could expect 15-20 offers, the odds are that it will take longer to sell today, and the seller might receive only four to five offers.  

Another issue influencing the real estate market in California has been the lack of single-family construction.  There have been recent gains though in this arena with new construction increasing 16% over last year.

All these factors mentioned above bode well for Buyers in today’s market: You may not need to scramble as much to obtain your dream home, but on the other hand, you may not be able to sell your present home as quickly.  That’s where a Bridge Loan from Sun Pacific Mortgage comes to the rescue!

Bridge loans allow you to purchase your new home before selling the present one, and this is just one of the many lending programs you will find that we offer.  

So, give us a call at 707-523-2099 and see what we can do for you in this ever-changing world of real estate.

Is it Still a Seller’s Market?

December 19, 2018

Is It Still A Seller’s Market

Looking at the real estate market today can be very confusing.  Some experts would have you believe that we have left the “Seller’s Market” behind and have skipped right over to a “Buyer’s Market”.  Not so fast! If we examine some of the statistics related to the Bay Area, we find that there remains only a 2 month inventory of homes on the market.  That is the very definition of a “Seller’s Market”.

The one thing experts do agree on is that It requires 6 months of inventory to become a “Buyer’s Market”.  Other statistics that confirm the “Seller’s Market” label include the number of days on the market, price decreases, and sales over asking price.  As an example of these criteria, let’s look at one of the Peninsula cities, Burlingame. Days of the market averaged 27, average sales price was $2,537,578 (in October was $2,556,152), price received was 5% more than asking.

These numbers are typical of the what we find in San Francisco and the rest of the Peninsula.    From 551 active residential properties on the market in San Mateo County, 29% of properties had price decreases and 32% properties were on the market 60+ days.  While we aren’t seeing the wild and crazy days of the recent past, we could be on a slow climb out of the present market and into a Buyer’s Market.

Bottom line?  If you have been thinking of selling your home, now is the time to do so to get top dollar and find your next new home.  Looking for financing and don’t qualify for a conventional loan, look no further than Sun Pacific Mortgage. We are here to offer you a Hard Money Loan, which will allow you to get into your next home quickly with a minimum of stress.  Give us a call at 707-523-2099 and see how we can help you!

Holiday Loan Superheroes – Just For You!

December 13, 2018

Holiday Loan Superheroes Just For You

“I was referred this loan from a colleague in my office. These people sold their home and were living in a hotel. They depended on me to get this done and because I knew you could and would do it, they now have a way to close escrow on their new home!

Even though the rate and term are hard money, they are paying less than their previous home loan! I have set them up with the credit repair company and will follow up with them to assure we can help them with permanent financing. They are happy customers! Thanks.” Broker, J.F.

 

Fast Hard Money Financing Before The Holidays

– We are fast; Many loans approved and funded in less than 1 week.

– Get financing for jumbo loans, up to 2million+.

– Just two main qualifications:

    1. A decent down payment or good existing equity.

    2. An ability to repay the loan.

Tis the season to spend time with your family and friends, not worry about a house or finances.  Call us today at 707-523-2099 or reply by email to get a fast Hard Money loan, so you can kick back and enjoy the holidays!

Refinancing and the Holiday Season

December 3, 2018

Refinancing And The Holiday Season2

With so much going on during the holidays, why would any sane person consider refinancing?  Well, it might make more sense than it appears at first glance.

One of the main reasons might be to pull out cash for end-of-year expenses, or to free up your cash-flow and get yourself on a better financial footing for the next year.  In 2017 the average American household carried $15,675 in credit card debt.

With a fast Hard Money Refinance, you could pay off debt and use the remainder of the proceeds to pay cash for holiday expenditures rather than incur more debt.  The interest rate on your refinance would surely be less than the interest rate on your credit cards!

Other benefits to consider when refinancing at the end of year:

  • Some of your closing costs would be deductible on this year’s taxes
  • Your next payment on the new mortgage won’t be until February, 2019.  This lag time will give you even more of a cushion to help recover from holiday expenses.

Choosing a Hard Money Lender like Sun Pacific Mortgage, you could conceivable close your refinance within 15 days, and be on your way to a more relaxing end of the year.  Santa’s helpers are awaiting your call at 707-523-2099. Happy Holidays!

 

We Won’t “Leaf” You Hanging with Hard Money Loans!

November 28, 2018

Fast Hard Money Loan Approval When Turned Down Elsewhere

“[The Sun Pacific Team] pulled through last minute for us to get the loan we needed to save our house! From start to finish they made everything smooth and instructions were always clear and answered quickly. We are so grateful to have found them to help us during an otherwise stressful time. Highly recommend!!” – C.L.

Fast Approval When Turned Down Elsewhere

Local Mortgage Broker:  Hi. I have been trying for almost a month now to get my borrower’s loan through our Underwriters, and time is up for her.  She is about 7 months shy of having her credit good enough for a home refinance. The loan amount is $540,000 with a 65% loan to value.  Can you help?

Us: Yes, we can. Send us her loan application and we’ll get right onto it.

Within 48 hours we had loan approval, a very relieved borrower, and a happy Broker.

Call Us today at 707-523-2099.  We are fast and won’t “leaf” you hanging, wondering if you have loan approval or not!

Loan Approval: Touchdown!

November 16, 2018

Recently Funded Hard Money Bridge Loan

With our many loan programs, we can help get that loan approved and score a touchdown for your team!  One of our most popular loan programs is the Bridge Loan. Here are the benefits of getting this type of financing with us:

  • Accessing equity in one house to purchase another, bridging the gap between the sale of one property and the acquisition of another.
  • Having an offer accepted without any contingencies.
  • We look at equity, not credit worthiness.
  • We welcome short- term loans.
  • These are exempt from the “ability to repay” rule.

Recently Funded Hard Money Bridge Loan

Recently, a local Mortgage Broker reached out to us for one of his past borrowers, who was having difficulty proving his income.  The Broker was finding it impossible to secure a loan from his usual sources.

His Buyer wanted to pull cash out of his current home’s equity, as a down payment on another house he wanted to purchase. He needed a loan of $540,000, which we had no problem getting approved.  Within a few weeks, we scored the touchdown for both this Broker and his Buyer!

You can score high points with Buyers & Sellers too, by taking advantage of our Hard Money loan programs.  Call us at 707-523-2099, to find out how we can get that loan approved and a touchdown for you, too!

The Good, The Bad, And The Ugly Of Marble Countertops

November 7, 2018

The Good The Bad And The Ugly Of Marble Countertops

When building or remodeling, owners are faced with a myriad of confusing choices, not the least of which is what material to use for their kitchen counters.  Among the many preferred options are: granite, solid surface material, butcher block, concrete, and marble, specifically Carrara marble.

Marble is gorgeous both from a distance and up close, but unless you are familiar with and ready to maintain it, it also has some drawbacks.  Let’s examine a few:

  1. It won’t stay pristine for long:  Marble is easily scratched and stained.  You can’t chop vegetables directly on it as acidic liquids will stain the surface permanently.  Marble is more porous than natural stones or solid concrete.
  2. It can be seriously tricky to clean:  Acidic liquids of any kind, including organic cleaning products, are bad for marble.  Cleaning requires a special kind of cleaner which can cost at least $10 for 16 ounces.
  3. It requires extra work to protect it:  A seal can help protect your countertops, but it requires regular maintenance.  The recommended resealing process is every 3 – 6 months to maintain the luster and prevent staining.
  4. It can be bad for resale:  In five to ten years this product is likely to look very different and be less appealing to a prospective buyer than any other stones, which may age better with less maintenance.

Some lifestyles present additional reasons to resist the urge to install marble, for instance:   if you use the kitchen heavily, if you have children who will be eating or playing on the surface, or if you don’t have the interest/time for the maintenance it requires.

If you are a fan of HGTV shows, you would think that Carrara is the “go-to” for every project, and they do look beautiful when they are first installed.  What you don’t get a chance to view is what Carrara looks like after the family has lived in the house for any length of time. With all the other options out there, maybe foregoing Carrara isn’t such a difficult decision.

The moral of this article is: Study up on your preferred material for countertops before you buy them. You want to make sure you’ll be happy with it for years to come, as it is your home!

If you’re doing renovations or interested in alternative financing for your home or rental, call us today (707) 523-2099!

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