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Get a Head Start on the Holidays with Hard Money

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Mortgage Rates – Its How You View The Outcome

As you have seen, the housing market values are only going up.   Despite news about rates increasing, the interest rates are still within the range of 50 year lows!  The bottom in home prices and interest rates has passed. Waiting no longer makes sense.

I have saved the bacon for agents and conventional lenders on multiple transactions this year, closing many of them in a week.  I have also helped many, many individuals (and families) over the years consolidate their debts or get a loan against their existing equity for use over the Holidays.  It is always a nice feeling to have extra cash over the Holidays either to make it less stressful or to be able to give more.  If turned down elsewhere, I most likely can help if they have a decent down payment or other equity to work with.

Basically considered “all cash”, such loans are extra strong and can be used to purchase or refinance dump property, bad credit

borrower, irregular income borrower, large cash out borrower, Bridge loans, etc.

Some timely articles make good mention on the value of homeownership:

Fannie Mae “Homes have accounted for 23.5% of American’s wealth on average since 1959. That’s nearly double the proportion U.S. households and nonprofits have invested in stocks.”

Wall Street Journal “A measure of owners’ equity as a share of the value of real-estate holdings hit 53.6% in the second quarter, up from 53.2% in the first quarter and below 50% a year earlier. For most Americans, a home is their biggest asset, so the growing level of home equity suggests improvements in the economy are now reaching more Americans.”

If rents go up in the next 30 years at the same rate they did over the prior 30 years then someone renting today for $1,600 will be paying $4,496 in 30 years. Why rent when you could buy?

Don’t be 30 years older, paying an outrageous rent and no accumulated wealth because you paid your landlords mortgage for all that time.  An increase in rates will obviously impact each home owner’s monthly mortgage payment so if you wait, you will end up just having to pay more!

Whether you get a hard money loan to purchase your home now or you get a bank loan, it has the same outcome: Home ownership is not only desirable, it is the correct financial decision to make right now.

Best,

 Forest

Approval is based on just 2 criteria:

1. Good Down Payment or Decent Equity

2. Ability to Repay

• FAST private money purchase financing throughout California.

• Owner Occupied, Investor financing, Commercial and some Land Financing

• FICO is not a factor.

• Up to 75% loan to value, Case by case basis.

• Loan amounts starting at $100,000.

• Lower rates with Good Compensating Factors, Case by case basis.

• Fast refinancing.

SPECIAL NOTEWE CAN DO A LOAN FOR SOMEONE FRESH OUT OF FORECLOSURE, BANKRUPTCY OR SHORT SALE!

CALL FOREST, The Guy In The White Hat at (707) 523-2099

Or email him at forest@sunpacmortgage.com

See our website at: www.sunpacmortgage.com

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       Hard Money Lender Serving Sonoma county since 1988!

800 Mendocino Ave. Ste 2
Santa Rosa, CA 95401
(707) 523-2099
www.sunpacmortgage.com

CA BRE Broker – California Bureau of Real Estate Broker.   Corporate License # 01464899.

NMLS – Nationwide Mortgage Licensing (Registry) System.  Office NMLS # 360993

Hard Money Loans Rescue Home Buyers & Home Owners

 

Hard Money Loans Rescue

Home Buyers & Home Owners

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Hello again!

 

I always like to push the idea of home ownership.  It is still the best financial investment you can make at any time in

your life, so don’t give up if you are trying to buy!

 

In recent Trulia and Keeping Current Matters articles, the subject of Renting versus Buying was brought up; These articles pretty well covered why homeownership remains more economical than renting, throughout the United States. Nationwide, owning is 38% cheaper than renting! 

 

With a Hard Money loan from us, a family was rescued on their home purchase which they were about to lose out on:

 

The Purchase price of the new home was $234,000. They put down 30% of the purchase price ($70,200) and got a hard money loan of 70% LTV ($163,800).  While working to refinance, the Buyers paid 10.5% interest rate for six months ($1,719 monthly) and finally were able to qualify for a conventional loan.  They now pay $1,300 with taxes & insurance included. Their old apartment rent was $1,200 – just $100 less but now they live in their own home!

 

When your Lender, Broker or Realtor tell you “it is the time to buy”, they speak the truth. 

Best,

Forest

P.S. – We love referrals! 

RECENTLY FUNDED HARD MONEY LOANS

(Great Hard Money rates as low as 8.5%*!)

NOTE: Get a loan despite poor credit, self employed-difficult to prove income, need fast financing, property a fixer, etc!  And, we finance Bridge loans, Owner Occupied purchases and refinances, non-owner purchases single and multiple units, commercial and some land. 

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Approval is based on just 2 criteria:

 1. Good Down Payment or Decent Equity    

2. Ability to Repay

• FAST private money purchase financing throughout California.

• Owner Occupied, Investor financing, Commercial and some Land financing.

• FICO is not a factor.

• Up to 80% loan-to-value, case by case basis.

• Loan amounts starting at $100,000.

• Lower rates with Good Compensating Factors, case by case basis.

• Fast refinancing. 

SPECIAL NOTE: We can do a loan for someone fresh out of foreclosure, bankruptcy, or short sale!

CALL FOREST, The Guy In The White Hat at

(707) 523-2099

Or email him at forest@sunpacmortgage.com

See our website at: www.sunpacmortgage.com

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       Hard Money Lender Serving Sonoma county since 1988!

800 Mendocino Ave. Ste 2

Santa Rosa, CA 95401

(707) 523-2099
www.sunpacmortgage.com

CA BRE Broker – California Bureau of Real Estate Broker.   Corporate License # 01464899.

NMLS – Nationwide Mortgage Licensing (Registry) System.  Office NMLS # 360993

 

 

Hard Money Rescues Turned Down Loans

Check out our most recent Hard Money video here:

 

Hard Money Rescues Turned Down Loans

 

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If you feel like your loan application is drowning, soon to “die” by getting
turned down, then you need to watch this video of how I can rescue such a loan.

Real Estate loans can be hard to get for some with poorer credit, who are self
employed, had a recent foreclosure or bankruptcy. Or, you may just need a fast
loan and can’t find an “A” paper Lender who can fund fast.

This sounds like your loan request needs to be rescued, so call me, Forest – The
Guy in the White Hat! (707) 523-2099.

I can help with those drowning loans! For well over 25 years I have been
specializing in loans to Borrowers who have been “Turned Down Elsewhere” as well
as offering all other types of loans. For the last 4 or 5 years I have only
done Hard Money Loans. Recently, about 70% of the loans I have funded I had to
rescue from “A” paper lenders as they were declined for whatever reason.

There are really just 2 requirements for a Hard Money Loan: #1 You have to have
a pretty good down payment for a purchase or equity if a refinance and #2 The
ability to repay the loan.

Call me! Hope to be able to help you soon!

 

Best,

Forest

P.S. – We love referrals!

 

Loan approval is based on just 2 criteria:

1. Good Down Payment or Decent Equity

2. Ability to Repay

 

• Owner Occupied, Investor financing, Commercial and some Land Financing

• FAST private money purchase financing Sonoma County & Northern California.
• FICO is not a factor.
• Up to 80% loan to value, Case by case basis.
• Loan amounts from $75k – $1mil+
• Lower rates with Good Compensating Factors, Case by case basis.
• Fast refinancing.

CALL FOREST, The Guy In The White Hat at (707) 523-2099;

Or email him at forest@sunpacmortgage.com

See our website at: www.sunpacmortgage.com

 

CA BRE Broker – California Bureau of Real Estate Broker.   Corporate License # 01464899.

NMLS – Nationwide Mortgage Licensing (Registry) System.  Office NMLS # 360993

*APR based on loan amount of $130,000 is 9.469%.

Hard Money Loan Saver

Check out our most recent Hard Money video here:

 

Hard Money More Attractive than Ever

 

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Hello,

My last blog was the Federal and California report and forecast.

I live and operate in Sonoma County so that is the first region I’ll explore.  I would guess that about 33% of the loans I write are in Sonoma County.  That’s a disproportionate amount considering I lend in the top half of the state, from Salinas to the Oregon border and east to Nevada.

Lots of good news to report for Sonoma County. There was an Economic Development Board report in April 2014 that demonstrated Sonoma County business activity beats the U.S. average as a whole in expenditures for growth and customer demand. The trend is upward for commercial-sector confidence.

Another report from March 18, 2014 stated that Sonoma County’s economy is poised to further recover through 2015, bolstered by national growth that will spur gains in tourism and the wine industry, while additional support comes from, among other things, a stronger housing market.

In the Sonoma County real estate market, as in a lot of the counties in the Bay area,  prices are being driven up sharply by the lack of inventory.  This is good news if you are already into a home, but could make it difficult if you are looking to buy, either as your first purchase or trading up.  You should keep in mind that using Hard Money in this market may make your offer more attractive to a Seller – and their agent, as in many instances it is deemed the same as cash.

So that’s the report on Sonoma County.   And if you are trying to buy, persist.  Home ownership is still the best financial investment you can make at any time in your life.

 

Best,

Forest

P.S. – We love referrals!

 

Loan approval is based on just 2 criteria:

1. Good Down Payment or Decent Equity

2. Ability to Repay

 

• Owner Occupied, Investor financing, Commercial and some Land Financing

• FAST private money purchase financing Sonoma County & Northern California.
• FICO is not a factor.
• Up to 80% loan to value, Case by case basis.
• Loan amounts from $75k – $1mil+
• Lower rates with Good Compensating Factors, Case by case basis.
• Fast refinancing.

CALL FOREST, The Guy In The White Hat at (707) 523-2099;

Or email him at forest@sunpacmortgage.com

See our website at: www.sunpacmortgage.com

 

CA BRE Broker – California Bureau of Real Estate Broker.   Corporate License # 01464899.

NMLS – Nationwide Mortgage Licensing (Registry) System.  Office NMLS # 360993

*APR based on loan amount of $130,000 is 9.469%.

2014 is the Year of Hard Money Loans

 

2014 is the Year of Hard Money Loans from The Guy in the White Hat

jpegHello,

Preview of coming attractions!  I will have a future, more exact  Blog on the recent changes to Hard Money lending – High Cost loans.  For now, I have taken all in stride and will continue to promote Hard Money loans that fully conform to all the changes. 

Most of the changes impact Owner Occupied loans and none are horrible.  Some key things that will be different in my Owner Occupied Program…  1.  All Borrowers have to do Credit Counseling through an approved agency before the loan can fund.  2.  The loans cannot have balloon payments.  I propose a 15 year that is interest only for the first 7 years and fully amortizes over the remaining 8 years.  3.  They cannot have prepayment penalties.  4.  Late fee maximum is 4% after 15 days.

I’ve listed below recent Hard Money loans financed through my office and hope these give you a better idea as to how I can help you and/or your clients. I will keep the loans coming!

Best,

Forest

RECENTLY FUNDED HARD MONEY LOANS

Great Private Money Rates as low as 8.5%*!

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Guerneville, California 
Loan Type: 2nd Non-Owner Cash-Out
Loan Amount: $96,000
Days to fund: 6 days!
Reason for hard money loan: Multiple Properties Owned

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Santa Rosa, California 
Loan Type: Bridge Loan (1st & 2nd) 
Loan Amount: $464,000 & $85,000
Days to fund: 14 days!
Reason for hard money loan: Self Employed

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Sonoma, California
Loan Type: 2nd Home
Loan Amount: $110,000
Days to fund: 15 days
Reason for hard money loan: Needed Fast Financing

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Vallejo, California 
Loan Type: Owner Occupied Cash-Out Refinance
Loan Amount: $140,000
Days to fund: 13 days!
Reason for hard money loan: Condition of property

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Cloverdale, California 
Loan Type: Owner Occupied Purchase
Loan Amount: $503,200
Days to fund: 15 days
Reason for hard money loan: Poor Credit

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Ukiah, California 
Loan Type: Owner Occupied Purchase
Loan Amount: $112,500
Days to fund: 17 days
Reason for hard money loan: Poor credit
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South Lake Tahoe, California
Loan Type: Non-Owner Purchase
Loan Amount: $200,000
Days to fund: 20 days
Reason for hard money loan: Self Employed

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El Cerrito, California 
Loan Type: Owner Occupied Purchase
Loan Amount: $418,000
Days to fund: 14 days!
Reason for hard money loan: Condition of property

Loan approval is based on just 2 criteria:

 1. Good Down Payment or Decent Equity    

2. Ability to Repay

•Owner Occupied, Investor financing, Commercial and some Land financing.

•FAST private money purchase financing Sonoma County & Northern CA
•FICO is not a factor.
•Up to 80% loan-to-value – Case by case basis.
•Loan amounts from $75,000 – $1mil+.
•Lower rates with Good Compensating Factors – Case by case basis.
•Fast refinancing. 

SPECIAL NOTE: WE CAN DO A LOAN FOR SOMEONE FRESH OUT OF FORECLOSURE, BANKRUPTCY OR SHORT SALE!

CALL FOREST – The Guy In The White Hat – at (707) 523-2099;

Or email him at forest@sunpacmortgage.com

See our website at: www.sunpacmortgage.com

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       Hard Money Lender Serving Sonoma county since 1988!

800 Mendocino Ave. Ste 2

Santa Rosa, CA 95401

(707) 523-2099

www.sunpacmortgage.com

*APR based on loan amount of $130,000 is 9.469%.

CA BRE Broker – California Department of Real Estate Broker.   Corporate License # 01464899.

NMLS – Nationwide Mortgage Licensing (Registry) System.  Office NMLS # 360993

 

 

Job Growth, Home Sales Will Continue Expanding in 2014 and Beyond

As Hard Money Broker and business owner this good article to share, mostly highlighting the last bullet points:

 

Looking ahead, the latest Burns report predicts:

§U.S. home prices will rise another 15 percent  from 2014 through 2017.

§Home prices will reach “normal affordability levels” in 2015 and then become unaffordable.

§Interest rates on 30-year, fixed-rate home loans will reach 4.5 percent in 2014, 5 percent in 2015, 5.5 percent in 2016, and 6 percent in 2017.

 

Read the rest here: http://blog.pacunion.com/job-growth-home-sales-expand-2014-beyond/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+pacunionblog+%28Pacific+Union+Blog%29

Hard Money Loans versus Government Loans

The KCM article caught my attention and this specific excerpt explains why:

 

 

The Curious Case of the Jumbo Mortgage

By Miranda Marquit, financial writer for RateZip.com on October 16, 2013 in Interest Rates

http://www.keepingcurrentmatters.com/2013/10/16/the-curious-case-of-the-jumbo-mortgage/

 

“Private vs. Government Funding

As we move further from the financial crisis, it makes sense to start asking if and when the mortgage industry will return to a world where private money plays a greater role and government institutions such as Fannie, Freddie, and the Federal Housing Administration (FHA) play a smaller one. Recently, our representatives in Washingtonhave begun to discuss plans to dissolve Fannie and Freddie and bring private money back into the game, and that’s a good start. In the past few months, we’ve also seen a few encouraging trends in the jumbo mortgage market that could point toward a mortgage industry less reliant on government guarantees.”

 

 

Private Money or Hard Money has been around for many years and has remained stable throughout….even now having rates improve to lower than I’ve ever seen.

 

I’ve dealt with every type of loan program since starting Sun Pacific Mortgage and Real Estate with my wife in 1998.  I now only do hard money/private money loans but still keep abreast of the other loan programs, especially those which I know home buyers could potentially qualify for, so I can refer them to the right program and local Lender.

 

However, I do hark back to those early days when conventional loan rates were between 11-14% and over the past 25 years these rates have fluctuated.  Hard money rates haven’t wavered, except now to go lower than I’ve seen since I started in this business.

 

So, just know that my hard money/private money loans remain reliable and I stand by, ready to assist you!

 

Best, Forest

Owner/Hard Money Broker – The Guy in the White Hat

Forest Tardibuono is Co-Owner and CA BRE Broker known as “The Guy in the White Hat” of Sun Pacific Mortgage & Real Estate – Your Northern CA Hard Money Lender since 1988.  www.sunpacmortgage.comBRE license #01464899/NMLS #360993

 

Hard Money Math – Simple Loan When Said Right


LENDER’S VIEWPOINT

By Broker, Forest Tardibuono

Hard Money Math

The lending choices for Buyers in this market have been simplified.  There are “A” paper lenders for Buyers who have really great credit, verifiable income and verifiable cash to close the transaction.  Next are Hard Money lenders, who require a good down payment and an ability to repay the loan.

There is really nothing in between.  So it really compels real estate brokers and agents as well as Buyers to become familiar with what Hard Money is all about.

Hard Money is very simple mathematically.

Here is an example assuming a purchase price of $200,000.

The “good down payment” mentioned above would be a minimum of 30%.  There are occasions where 25% will work but for this example we will use 30% as a down payment.  On a $200,000 purchase price that would be $60,000.

That would leave you with a loan amount of $140,000.  For a Hard Money loan payment you need to multiply the interest rate offered for your profile as a Buyer, times the loan amount to get how much interest you will pay per year.  Then divide it by 12 months to get the monthly payment.  For this example, here is what it would look like with a *10.50% interest only loan for $140,000.  That’s $140,000 X 10.50% = $14,700.  Divide this by 12.  $14,700 ÷ 12 months = $1,225 per month.

Please note that the 10.50% rate mentioned above applies in my office and can be higher or lower depending on the down payment, loan size, property, property location, occupancy type, etc.

Hard Money is here to stay and is a vital tool for the busy realtor and for Buyers who have tried the “A” paper route and been turned down.  2/3 of the loans I do are for purchases. The Buyers are so grateful too, as they thought they had no chance for home ownership.

I invite you to call your local Hard Money Broker and really get the further scoop on what Hard Money is all about.   It is the only loan program I now offer.  After 25 years of doing this, I know of which I speak.

 

 

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with 25 years of experience in real estate and lending. His phone number is (707) 523-2099. See website @ www.sunpacmortgage.com.

Why RE Brokers Are Still Alive and Kicking

Getting back to the office after this morning’s great Santa Rosa Chapter of Realtors Marketing Meeting, I came across the below Pacific Union’s article from a few months ago called “Why Real Estate Brokers Are Alive and Kicking”, and it rings so true:

 

“So, why haven’t the Zillows and Redfins of the world killed off real estate brokers? Because they can’t replace what makes our professionals essential to the transaction: the market mastery, the in-the-trenches experience, the advice and recommendations that take decades to develop.

 

“They can’t match the combination of deep knowledge, insight, and instinct that allow our people to identify a client’s dream home –  and ultimately make that client’s dreams a reality.

 

“The Internet is great for research. But search algorithms, virtual tours, and robots just can’t replace professional expertise.”

 

Ever since I started our real estate and mortgage company with my wife 25+ years ago we have striven to be true professionals, honest expertise based on continuing education and regular market updates and networking so we were up-to-date on everything possible we could be.

 

All for the sake of our current and potential hard money and real estate customers!

 

 

Best, Forest

Owner/Hard Money Broker – The Guy in the White Hat

 

 

Original link to Pacific Union Bay Area Real Estate Blog, “Why Real Estate Brokers Are Alive and Kicking” March 19, 2013:

http://blog.pacunion.com/why-real-estate-brokers-are-alive-and-kicking/

 

 

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with 25 years of experience in real estate and lending. His phone number is (707) 523-2099. See website @ www.sunpacmortgage.com.

Top 10 Reasons To Use Hard Money


LENDER’S VIEWPOINT

By Broker, Forest Tardibuono

 

Having watched a lot of David Letterman Late Night shows, I realized just as he has his “Top 10 reasons”, there are Top 10 Reasons To Use Hard Money

Need I say more…

#10. You had a recent Bankruptcy.
#9. You are currently in a bankruptcy.
#8. You had a short sale not too long ago..
#7. You had a foreclosure yesterday.
#6. You have been in a bankruptcy for a year, had 2 foreclosures of rental properties in the last 12 months and you are currently short selling your home (true story!!).
#5. Your home loan was just declined by the bank that approved you a month earlier for something on your credit report that was there from the start.
#4. You have written 11 [unaccepted] offers and now have a new best friend in your Realtor.
#3. 3 words: “Fourteen” – “Day” – “Escrow”! (I just did one in 7 days. My record is 5, and I would like the challenge to do it quicker!!)
#2. You are the “perfect loan” for a bank. Perfect credit, perfect income, big down payment. But you want to buy a dumpy property and fix it up. Banks hate dumpy properties.
And the #1 Reason… As a Hard Money Lender for 25 years – I say YES when others say no!

 

Call me with your scenarios and let’s see how I can help you.

 

 

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with 25 years of experience in real estate and lending. His phone number is (707) 523-2099. See website @ www.sunpacmortgage.com.

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