These particular home buyers were referred to me after being turned down by their local bank. They were just about to sign the closing papers at Escrow for their new home, but final loan approval fell through. They needed a fast bridge loan so they wouldn’t miss out on the new house they wanted!
They still lived in their house in San Francisco, but wanted to move to a new home in a different San Francisco neighborhood and needed a $430,000 temporary home loan to make this happen. We were happy to make this happen for them.
In just over 2 weeks, I got their loan approved and funded so they could sign and close on their new home.
We specialize in financing loans that have been turned down elsewhere. Any credit issues, difficult to prove income, property condition, etc. – not a problem!
Call our office at 707-523-2099 if you need some alternative financing for any real estate purchase or refinance. We are happy to help!
Last month a Conventional Lender called us on behalf of one of their borrowers who had just been turned down for a conventional loan, 3 weeks into their 4 week purchase agreement for a condo in Sacramento. To say the least, the home buyer was distressed and a bit hopeless.
The purchase price was $285,000 and the home buyer only had a 20% down payment to apply to their loan, making the loan-to-value 80%. Luckily, this is the max LTV that our private investors will approve.
So, we got right to it and within 5 days of the initial call, the loan funded and recorded! We turned the distressed and hopeless borrower into a very happy and proud home owner, keys in hand.
The Conventional Lender was grateful that we could rescue this opportunity and it became a win-win for all involved.
Sun Pacific Mortgage & Real Estate is a family owned and operated Hard Money Financing Company, serving all of California since 1988. We have become known as The Guys in the White Hats and we offer short term (1-5 years) hard money loans for residential, owner occupied and non-owner occupied (SFR and multi-units), as well as for some land and commercial real estate. Our loan amounts range from $100,000 on up through jumbo size mortgages ($400K – $1,000,000) and interest rates range from 8-12%, interest only.
Buying a home in California is one of the biggest purchases we will most likely make in our lifetime.
There was a good article recently from Pacific Union about homebuying (see link below).
This experience is a major investment in time, money, and emotions. The process can definitely be intimidating for first time home buyers, particularly.
And the anxiety doesn’t end when the papers are signed. There are worries that plague every homeowner even after the keys have been delivered. Here are some helpful tips to benefit new homeowners in today’s market:
1. Being “House Poor”:
This is a situation where the person is paying a large amount of their total income just to maintain the roof over their head. These people have little discretionary income and might even find it difficult to cover other financial obligations. Knowing what your budget can afford before beginning your house hunt will prevent you from falling into this trap.
2. Not Understanding Escrow, Mortgage, and Taxes:
Real estate terms and procedures can be very confusing for the uninitiated. Having your agent and/or broker explain terms and processes in laymen’s terms is critical if you are to feel confident making this major decision.
3. Unexpected Expensive Home Projects:
No one expects to be buying a “money pit”, but if a home inspection does not reveal a potential problem, the buyer needs to be prepared to pay for the repairs. For this reason it is mandatory to review disclosures and pest reports so you can plan.
4. New Neighborhood and Neighbors:
Do your homework before you move in. Take a few tests runs at various times of the day and night to get a feel for commute times and any environmental issues, like noise. Get to know your neighbors. They can be a great source of information regarding service providers.
Worrying and anxiety over a home purchase in California does not necessarily indicate regrets, even though studies have shown that half of home buyers would change some aspect of their buying experience. In the end homeownership is very exciting and few regret their decision to embark on this adventure.
If you are looking to purchase a home in San Francisco Bay Area, Los Angeles County, Santa Rosa, or other areas in California, consider our Hard Money loan programs as an alternative financing option. Call for a free consultation today, (707) 523-2099.
Last month I received a call from a borrower in Redwood City whose parents had recently passed away. They had a reverse mortgage and he was given only a few months to pay this off or lose the house. Needless to say, this was a stressful time for the caller.
Because of credit issues created by many medical expenses, the borrower did not qualify for a conventional loan. One of his friends had done business with me in the past and suggested he call our office.
By the time we received the call, we had only a couple of weeks before the house would go into foreclosure. Our office was able to acquire all the necessary documentation needed for the loan, obtain approval, get it funded and closed.
The loan amount needed was $600,000 which was about 70% loan to value. The borrowers were able to pay off the reverse mortgage, all the existing medical debts as well as other debts that had negatively impacted their credit. All their financial stress was eliminated and they were able to save their childhood home!
We specialize in loans that have been turned down elsewhere due to credit issues, difficult to prove income, or property condition. We promise our clients that if we say it can be done, we’ll get it done!
We offer Hard Money financing for jumbo size loans with qualifications that are more forgiving than traditional and conventional financing.
Hard Money loans are the answer for someone with irregular income, tarnished credit, needs fast cash or property not qualify for regular financing. These are not issues with us.
Recently Funded Jumbo Loan Location: Palo Alto, Santa Clara County Amount: 770K LTV: 70% Length to close: 16 days Reason for loan: Needed cash quickly
We have two main qualifications: #1. At least 20% down payment or good existing equity and #2. An ability to repay the loan.
Having been in business for almost 30 years now, we have seen it all, and we can usually make the seemingly impossible, possible. Call Us today at 707-523-2099 or reply back with any questions or scenarios!
The National Association of Realtors (NAR) recently reported that the top 10 dates Sellers listed their homes in 2016 were mostly all in April, May or June. If you are considering taking advantage of this “real estate season”, it is time to examine your best mortgage options.
This loan option is often preferred over a contingency offer, especially in a hot real estate market. With a Bridge Loan the buyer can make a clean offer assuring the seller he has a firm commitment to the deal. Bridge Loans are short term loans usually of 12 months. This type of loan usually gets paid off with longer-term financing sometime in the near future, or from the sale of the prior property. As the name implies, it provides a “bridge” from one transaction to the next.
At Sun Pacific Mortgage and Real Estate we have executed many of these loans and funded many a transaction from the “dead deal” pile. Give us call at 707-523-2099 to explore the ways we may assist you with your next real estate deal.
When you apply for a conventional loan, Lenders are very interested in your credit scores and your income. If you have a solid history of repaying your debts and your debt to income ratio is acceptable, you will be approved for the loan.
Applying for this type of loan can be an unpleasant experience. The process can be painfully slow, and, if you have negative items on your credit report or your income is difficult to prove, you might never get approved.
Hard Money Lenders approach the lending business from a different angle. We are more concerned with the collateral securing the loan. The property values are more important than a negative on your credit report. Generally, hard money loans are short-term loans lasting one to five years. In many cases this gives the borrower time to qualify for a conventional loan at a better interest rate.
Why Use Hard Money?
Some of the more significant benefits of using a hard money loan are:
Speed: Hard Money Lenders are more concerned with collateral and, therefore, are less likely to allow credit issues to hold up the process.
Flexibility: Hard Money Lenders evaluate each deal individually and are not subject to the very regulated underwriting process. Individual Lenders are able to tweak a deal to make it more acceptable to the Borrower.
Approval: As long as a Lender is confident that the property values are good and this would allow one of his Private Investors to quickly recoup their money, should the Borrower default, approvals are much easier to obtain than conventional loans.
When Does Hard Money Make Sense?
Difficultly proving income and loans requiring a fast close are examples of problems that can be solved by a hard money loan. This type of financing is also beneficial for short term loans such as fix-and-flips or when a Bridge Loan is the only way to secure a property before selling another property.
If you are considering a hard money loan, Sun Pacific Mortgage would be happy to help! Call us at 707-523-2099 and within just a couple of minutes we can prequalify you.
A local Mountain View realtor referred his home buyer to me after they had exhausted conventional loan programs. I immediately called the buyers and got them preapproved.
Because the Buyers were combining households, their debt did not qualify them for a 30 year jumbo fixed rate bank loan. They had found a dream home in Mountain View they had to have, and they were able to come up with a decent down payment. Unfortunately due to debt, they could not qualify for a conventional loan. This is where we came in!
Sun Pacific Mortgage was able to fund this home loan of $555,000 for 12 months and close this deal on time.
Their real estate agent was very pleased because it happened so quickly and smoothly and, of course, the Buyers were equally excited to accomplish the purchase of their dream property in Mountain View!
We feel so lucky to have discovered Sun Pacific Mortgage…
“I was literally crying tears of joy for an hour straight. So excited to get back on track! None of this would have been possible without Sun Pacific’s help and genuine concern. We truly cannot thank you enough!” C& S
“Forest and Ken are stable and reliable lenders who will always go the extra mile to ensure that you get the best possible value of service from their company while still adding the flair of fun into the mix!” C.C.
“The entire family and staff at Sun Pacific Mortgage are the best hands down. They are honest, direct, professional, quick, efficient and realistic. We were able to move into a home of our dreams because God allowed us to come across this awesome business! It’s like when everyone else seemed to be against, us, Sun Pacific found a way to make things happen. We cannot thank them enough!” L.W.
“Forest is an extremely knowledgeable real estate broker and loan officer with decades of experience. He really cares about his clients and wants them to get the home and loan they want, efficiently and with the lowest stress possible. I would hire him again, without hesitation, for my next home buying experience.” K.E.
“Ken is a go-to lender in my book. If you need it DONE go with him.” C.M.
Call us today at 707-523-2099 with any questions or scenarios and we would be happy to let you know how we can help!