We have been a Money Lender for over 3 decades and have recently begun offering a new type of loan Program for the many home buyers and borrowers who are turned down elsewhere for a real estate loan: an Alt-A Hard Money Program!
We are located in Santa Rosa (Northern California) and are licensed for lending throughout the state. This one of a kind Alt-A Hard Money loan is the perfect solution for a home buyer or borrower who just cannot get approved for a home loan, by another conventional or traditional lending institution. They miss qualifying by a slim margin; In other words, they are almost qualified for a standard bank loan but not quite.
Here at Sun Pacific Mortgage, this Alt-A Hard Money loan provide the solution to those who want to buy a home or refinance but get told “no”. These typically have rates from *6-8% – which is considerably lower than the average Hard Money rates. This program is for borrowers and home buyers with a credit score of 640 or higher, a 35% or more down payment, and on a property in good shape and in a good neighborhood. Many borrowers with this type of loan will end up refinancing in a year or two when their credit improves or the other disqualifying circumstance(s) resolves.
Sun Pacific Founder, Forest Tardibuono, states “Because of the demand from both borrowers and Investors, we have begun offering this new loan, in addition to our traditional Hard Money Loan Programs. We have many Investors who are interested in these types of loans. For borrowers who are just shy of qualifying for “A” paper, you can quickly get approved for this lower-rate Alt-A Hard Money Program. And we can turn these loans around quickly, in 2 weeks or less.”
He continued, “Just recently we funded a loan. A real estate agent called with a rush request from her home buyer: He needed a $599,000 short term loan to buy an investment property in Mill Valley. His current lending institution was confused by his company being the buyer so was not approving the loan. His credit was over 750, he had a good down payment allowing for 59% loan-to-value, he made great monthly income and had a lot of other real estate assets as well as excess funds in the bank. He was a perfect borrower. Except he had to wait too long due to unnecessary confusions from his lender, so now he needed fast loan performance. This is where we stepped in with our Alt-A Hard Money Loan program with a 6%* rate and had his loan funded in just under 1 week!”.
Our family company was founded in Sonoma County in January 1988, to provide honest real estate transactions and alternative financing to the community. To this day it is still family owned and operated.
We offer their traditional Hard Money Loan Programs and Alt-A Hard Money for real estate needs throughout all of California. From the moment the company started, we have specialized in borrowers and home buyers who were “turned down elsewhere”. This financing is known as Hard Money or Private Money and is our specialty. Such loans are funded by individuals who live locally, therefore there are less qualifications and it is faster to get the funds – unlike other lending institutions which require much more qualifications and require 30-90 days to funding.
Our website can be seen at https://www.sunpacificmortgage.com/ or we can be reached at (702) 523-2099. We stand ready to get help you with a Hard Money loan where others turn you or a client down!
*APR for this rate based on a $200,000 first mortgage is 6.31%