Many California buyers today face the harsh reality of jumbo loan shopping. Real estate prices what they are, larger loans are often the only option if you plan to purchase or refinance. In California a loan is considered “jumbo” when it exceeds $726,525. (For a single-family home in other parts of the country it is $484,350.)
But what if you have less than ideal credit, or have other issues that prohibit financing through conventional sources? That is the time to turn to a Hard Money lender, more specifically, Sun Pacific Mortgage. We have been in business for over 30 years now and are still family owned & operated.
A Borrower may go through the approval process with a conventional residential mortgage lender and discover the lender is not able to perform in Escrow. As a Hard Money lender, we can secure their funding for purchases or refinancing, whether the transaction involves an owner occupied or rental property. We provide fast approval and funding, which will prevent the borrower from losing the property they have a contract on.
Other reasons clients come to us for help, may be because they need a quick bridge loan for a primary residence purchase, or they are self-employed and have difficulty proving income. Sometimes our clients have had a recent loan modification, foreclosure, short sale or bankruptcy. Whatever the issues that have prevented them for obtaining conventional financing, we are usually able to come to their rescue with a Hard Money loan, regardless of the amount.
If you can prove you are able to pay back the loan and have enough equity in the property or have a decent down payment, a Hard Money loan is a viable answer to your real estate financing requirements. We are available to answer your questions or consider your scenarios. Give us a call today at 707-523-2099!