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Recently Funded – Have More Clients Now!

July 23, 2020

July New Promo

Stop Turning Away Clients!

We’ve become expert at the packaging of loans for “Turned Down Elsewhere” Borrowers and getting them approved & funded – fast.

Our unique Alt-A Hard Money Programs with rates as low as 6.5% is quite popular, allowing us to be a resource to handle almost any Borrower profile that is less than “A” quality.

So, think of us first for those clients you were otherwise going to turn away or for those Home Buyers who are having trouble with loan approval.  Call us at 707-523-2099!

Recently Approved & Funded

Loan Program:  Primary Residence Refinance
Loan Size:  $400,000
Location:  Belmont, San Mateo County
Days to Finish:  21
Why Needed Us: Wanted fast capital for company.

Loan Program: Investment Property Refinance
Loan Size:  $325,000
Location:  Santa Clarita, Los Angeles County
Days to Finish:  16
Why Came To Us: Wanted to improve property condition with repairs.

Loan Program:  Primary Property Refinance
Loan Size:  $419,000
Location:  Windsor, Sonoma County
Day To Finish: 21
Why Came To Us:  Recent divorce debts to handle and improve credit.

Loan Program:  Primary Residence Temporary Purchase Loan
Loan Size:  $488,000
Location:  Oakland, Alameda County
Days to Finish:  19
Why Came To Us: Was self employed with difficult to prove income.

Look for a Rebound in the Housing Market

July 14, 2020

Look For A Rebound In The Housing Market

A hopeful sign of the economic recovery was reported by The National Association of Realtors (NAR) last month when they found that pending home sales increased by 44.3% in May.  This statistic registered the highest month-over-month gain in the index since NAR started tracking this metric in 2001.

According to the Pending Home Sales Index (PHS):

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos and co-ops.”

The reason this statistic is so important is because with the shutdown of the economy in March, we saw a two-month decline in the number of homes that went into contract.  With this jump in May, it indicates that buyers are back in the market and purchasing homes right now. California is one of those states were real estate has picked up and continues to increase with homes coming on the markets from northern California counties such as Sonoma and Marin on down to central coast areas like Monterey and Santa Barbara on down south California to Orange County and San Diego.

According to Lawrence Yun, Chief Economist at NAR:

“This has been a spectacular recovery for contract signings and goes to show the resilience of American consumers and their evergreen desire for homeownership…”

To continue this upswing, however, we need to see an increase in the number of new homes being built.  This will help combat the lower inventory supply we face today.

In Sonoma County we have seen the resurgence of homebuilding to offset the devastating loss of homes caused by the recent fires of the past two years.  It will be necessary for this building surge to continue to stabilize the housing deficit we have faced in this area for several years.

The experts seem to agree that this is an excellent time to sell or to buy property if you’ve been considering it!  Don’t wait.  Contact your local Realtor and if you need help with financing if you are being turned down elsewhere, give Sun Pacific Mortgage a call at 707-523-2099 to discuss your specific needs.  We are a family-owned business which has been in hard money lending for over thirty years and have helped multitudes throughout our long history.

Giving More Approvals – Recently Funded

July 9, 2020

Trusted Plain

We Make Home Loans Easier

You can get your new mortgage or refinance approved easier with us.

After 32 years of offering our Alternative Financing programs we can say with confidence our Hard Money loans are just easier, faster and have less qualification requirements than conventional and traditional financial institutions.

Call Today 707-523-2099 with any questions. We will reply quickly with what we can do to help.

Others Recently Helped by Us

Loan Program:  Primary Property Alternative Refinance
Loan Size:  $419,000
Location:  Windsor, Sonoma County
Days to Finish:  21
Why Needed Us: Loan Consolidation

Loan Program: Primary Residence Refinance
Loan Size:  $1,300,000
Location:  Perris, Riverside County
Days to Finish:  11
Why Came To Us: Wanted to consolidate existing loans and pay off other debts.

Loan Program:  Primary Residence Refinance
Loan Size:  $560,000
Location:  San Leandro, Alameda County
Day To Finish: 24
Why Came To Us:  Debt Consolidation

Loan Program:  Primary Residence Refinance
Loan Size:  $488,000
Location:  Escondido, San Diego County
Days to Finish:  19
Why Came To Us: Needed cash to invest in business

Tapping Your Equity for Businesses Purpose Reasons

June 30, 2020

Tapping Your Equity For Businesses Purpose Reasons

Before beginning to explain how to use your equity, let’s define the meaning of equity.  In short, equity is the difference between the current value of your home and how much you owe on it.  For example, if your home is worth $800,000 and you owe $300,000, your equity is $500,000.

The great thing about this hidden treasure is that you can borrow against it to fund life’s big purchases, such as buying an investment property, remodeling your home, or starting a business.

Lenders will typically lend you upwards of 75-80% of the value of your home less the debt you still owe against it.  These percentages may have changed since the latest economic disruption, because there is concern that values may fluctuate a little.  But still it can be a strong investment and a smart move.

When buying investment property, there is a simple rule of thumb that is recommended: “Multiply your useable equity by four to arrive at the maximum purchase price for your investment property.”  Remember that besides the purchase price, you need to budget for purchase costs such as realtor’s fees and escrow fees among other expenses.

Even if you have plenty of equity, conventional lending companies will consider other factors such as income, credit score, property condition and additional debts.  However, a Hard Money Lender such as ours, Sun Pacific Mortgage, will make it considerably easier to qualify if you find it difficult to prove your income, have less than perfect credit scores, or are buying distressed property.

Ultimately, using equity to obtain business capital can be a smart move.  If you are seriously thinking about pursuing extra cash for home fix-ups, to buy an investment property or need business capital, give us a call at 707-523-2099 to discuss our various programs available to you.  We have helped, and even through the recent pandemic, are continuing to help hundreds of Californians just like you become wealthier through real estate.

Family Company – Here To Help You Get A Loan

June 25, 2020

Family Business Alterantive Financing

Turned Down Elsewhere For A Mortgage?

Are you running into stops or difficulties with loan approval? You won’t have these stops with us!

Our Hard Money loan programs have 2 main qualifications:

  1. Good equity or a decent down payment and 2. An ability to repay the loan.

Call us at 707-523-2099 with any questions.  We are happy to quickly let you know how we can help – as we were able to do for the Borrower below.

Loan of the Week

A Southern California Mortgage Broker referred his client to us who wanted to invest in a San Diego business but needed to access the equity in his primary residence to get this done.

The needed loan was in the amount of $488,000 which made it 64% LTV.  In just over 2 weeks we were able to get this loan to them!  They could not have more pleased when the escrow closed in such short order.

Second Half of 2020 Real Estate Market Looking Good

June 16, 2020

Second Half Of 2020 Real Estate Market Looking Good

Take a breath!  There’s good news ahead.  According to many economists we are going to start to see an economic rebound in the second half of this year.  Here’s a look at what some of the experts are saying:

Jerome Powell, Federal Reserve Chairman:

“I think there’s a good chance that there’ll be positive growth in the third quarter.  And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…”

Nonpartisan Analysis for the U.S. Congress:

“The labor market is projected to materially improve after the third quarter; hiring will rebound, and job losses will drop significantly as the degree of social distancing diminishes.”

These experts and many more believe that while we are certainly not out of the woods yet, there is light at the end of the tunnel.  They also agree it will be a bumpy ride for the next few months, but the good news is that they also agree the turnaround will begin sooner rather than later.

Buyers and sellers may have put their real estate and mortgage plans on hold during this planned shutdown.  However, as signs have started to pop up, the market is picking back up sooner than later!  The past two weeks in Sonoma County alone, there have been over 80 new homes put on the market for sale and both realtor and lender alike are busy with new home buyers.

If you’ve thought about selling or buying anywhere in California, now is the time to get going as it’ll just get busier and busier.

Turned Down Elsewhere For A Mortgage?

June 11, 2020

Hard Money New Beginning

If you’re getting turned down elsewhere for a mortgage, give us a chance to help using our Hard Money loans. Despite increased lending regulations elsewhere, we have the same rates, same LTVs and same “faster than conventional funding” speed, as we did before!

Let us be your new beginning to purchase a home, a new investment or even to refinance for additional cash out to get you caught up after these recent tough times – like we were able to do for a past borrower, below.

Loan of the Week

One of our past borrowers reached out to us from Truckee, California requesting a loan for $560,000 so he could purchase an investment property.

He was looking to refinance his primary residence to invest in this venture but was being turned down by his conventional lender due to a difficulty to prove his income.

He had more than 50% existing equity in his primary residence and had really good credit, so we had no issue with getting him a mortgage!  In less than 3 weeks he had the funds he needed to purchase that property.

If you or someone you know is looking to use their existing equity to make debt consolidations, upgrade their home or purchase additional property – and is being turned down elsewhere – give us a call at 707-523-2099. We’ll let you know quickly how we can help!

What Will Happen to the Housing Market This Year?

June 2, 2020

What Will Happen To The Housing Market This Year

This is the question on everyone’s mind, whether you own or rent.  When the economy will turn around is crucial to all our lives.

The National Association of Realtors (NAR) did a flash survey on May 7, 2020 and concluded from their results that “home sellers are gearing up to list their properties with the reopening of the economy.”

Sellers are positioning themselves to make moves this year. More than 3 in 4 potential sellers are preparing to sell their homes once stay-at-home orders are lifted and they feel more confident, which means more homes will start to be available for interested buyers.

Several realtors reported prospective changes in desired home features, with home offices, bigger yards and more space for their families becoming increasingly important.

Buyer demand is strong right now, and many are simply waiting for more inventory to become available so they can make a move.

While re-opening the economy may seem slow, it does not mean there is no pent-up desire for selling and buying a home.  In fact, because our lives may revolve more and more around our homes, people are looking to make their residences as comfortable and efficient as possible.

So if you are a real estate agent, get out and find new listings and get new home buyers – they’re there!

And if you are a potential home buyer or home seller, hook up with a local, licensed Agent and take advantage of getting going before the crowds.

Who Predicted This Affect on California Real Estate?

May 26, 2020

Who Predicted This Affect On California Real Estate

One of the burning questions facing all Californians today is: with Californians self-distancing and “hunkering down” for the immediate future, what will the impact be on our real estate market and investments?  While this pandemic is causing various economic downturns, it hasn’t yet affected home values and most economist are still optimistic with regards to the real estate market in general.

Real estate sales, rentals and leasing are a $445 billion industry in California and has been a major driver in personal wealth for property owners over the past decade.

Seeing the effect of the covid19 pandemic on the world economy naturally raises questions regarding other markets, like real estate.  Experts have made clear that an economic slowdown does not equal a housing crisis, nor does it mean a repeat of the 2008 debacle.  There were other economic issues at work during that recession that have been resolved by laws that were enacted since.

What we may be seeing is a longer wait for homes to sell once they hit the market and there may be some lowering of prices, but no major crash is predicted by the experts.  Nor has there been any major dip in California values or home sale ranges despite this ongoing pandemic.

California housing demand remains strong and technology makes it easier to perform real estate shopping and buying online.  Some adjustments we might be seeing are that viewing houses and inspections may be done more by appointment, more attention on extra sanitizing for in-person viewings and virtual showings but it will not be impossible.

While we are home-bound, this time would be good time for potential buyers  to get their paperwork together for mortgage pre-approval, and for sellers to get their disclosures completed and begin the decluttering process.  Sellers can also line-up the pre-sale inspections and necessary photographs so this time at home is not wasted.

Because we are a family-owned and operated real estate financial business, Sun Pacific Mortgage is still working, getting loans funded with our usual efficiency.  We could be the answer to solving your real estate funding problems when other lending institutions are short- handed.  We specialize in fast, short-term mortgages that can be refinanced in as little as six months.  Give us a call at 707-523-2099.  We can handle all the necessary paperwork via phone call and email, so reach out!

Recently Funded – Helping Where Needed

May 21, 2020

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Let Us Be Of Help When Needed.

These are trying times for many.  Wouldn’t it be beneficial to discover a possible home loan program that could relieve some of the stress?  This is where we hope to be of help!

The Hard Money mortgage programs we offer are backed by real estate equity –helpful for purchases, refinances for debt consolidation, to pull out additional cash for upgrades or for business capital, etc.

We also have a unique Alt-A Hard Money program great for anyone who is fully qualified for conventional financing but wants a faster loan OR someone who just missed qualifying and still wants help.
Call Today 707-523-2099 with any questions or specific scenarios. We will quickly let you know what help we can provide to you, a friend or even your clients.

Others Recently Helped by Us

Location:  Cazadero, Sonoma County
Finance Program:  Primary Residence Refinance
Loan Size:  $380,000
Days to Close:  28
Reason Came To Us: Didn’t qualify as poor condition of property but needed business capital.

Location:  North Hollywood, Los Angeles County
Finance Program:  Investment Property Purchase
Loan Size:  $397,000
Days to Close:  14
Reason Came To Us:  Didn’t want to lose out on another investment opportunity.

Location:  Penngrove, Sonoma County
Finance Program:  Investment Property Refinance
Loan Size:  $325,000
Days to Close:  20
Reason Came To Us:  Credit was poor but needed to refi out of a loan that had come due.

Location:  Goleta, Santa Barbara County
Finance Program: Refinance of Primary Residence
Loan Size:  $450,000
Days to Close:  13
Reason Came To Us: Needed to quickly pay of the existing reverse mortgage of a relative who recently passed away, otherwise property would be foreclosed on.

Location:  Sacramento, Sacramento County
Finance Program:  Primary Residence Refinance for Business Purpose
Loan Size:  $235,000
Days to Close:  11
Reason Came To Us: Had too many bills and wanted to do debt consolidation to improve credit standings.

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