You owe it to yourself/your family to truly FIND OUT from numerous experienced Lenders, what the available [and new] multiple loan programs are!
Wondering If You Qualify For A Home Mortgage? Find Out For Sure!
Are you someone who does not think they should bother contacting an experienced and licensed Mortgage Broker or Lender as you “already know you aren’t qualified”?
Well, change that thought!
Pick up your phone, get onto your computer for an internet search or just walk in to a good local Lender. There are numerous loan programs available. Find out which loan program best suits you. And don’t just go to a bank. Also go to local Brokers and portfolio type lenders (such as a Credit Union). Even consider Hard Money or Private Money financing as these have less credit hassle financing.
Whether you need an investment property refinance or a jumbo loan to buy that big family house in Santa Rosa, San Francisco or Marin, or, how about in Monterey Bay or another beautiful California city? ALL Programs should be considered as you could be missing out on that specific home mortgage which you do qualify for!
It can’t hurt to find out for sure, from experienced and licensed mortgage professionals. You may just be happy you asked. You could soon become a new homeowner!
This Keeping Current Matters Blog should help further dispel any such idea:
The variety of our recently funded transactions hopefully give you a clearer understanding of how we can help you and/or your clients with our alternative financing throughout Sonoma County, North Bay areas and all the rest of California!
“Thanks to your entire team for all of your hard work, patience and for going the extra mile to ensure my dad’s loan went through as soon as it possibly could. I am overall impressed with how efficient you are in particular and how much the details are important to you…a great experience, mainly due to how easy it is to work with you, so many thanks for that!”
Call Us Today at 707-523-2099 with your real estate finance scenarios and see how we can help!
Forest & Ken – The Guys in the White Hats
P.S. We love referrals!
RECENTLY FUNDED TRANSACTIONS:
NOTE: Get our financing despite credit circumstances, self employed difficult-to- prove income, need of fast financing, property a fixer, etc! We finance owner occupied, non-owner, multi-units, some commercial and land throughout California.
Being a Hard Money Broker for over 25 years here in Sonoma County but licensed for the entire state of California, time and time again I hear such myths or questions similar to these.
This should hopefully dispel any last vestige of concern or uncertainty about the value and use of hard money in real estate. Be it to buy your own home or a 2nd home, a flip, an investment property, land to build on, etc. – hard money can be the best choice for you.
The myths so aptly covered in Trust Deed Capital BLOG, by Ken Meyer on July 21, get cleared up by providing the facts:
Myth #5: Only the Desperate Seek Out Hard Money Loans
One of the most difficult myths to dispel is that anyone who goes outside the traditional lending structure (banks, for the most part) must be desperate for a loan. This is the furthest thing from the truth, since most of the people who seek out hard money loans are smart business people who would rather work with an individual investor on a project than deal with a huge lending institution.
Myth #4: Hard Money Lenders Are All Loan Sharks
Hard money lenders are business people, just like their clients. A hard money lender provides money based on the investment, rather than based on the person’s credit score, which means that the lender’s eye is on making the investment succeed. Fairness and good business sense means you get return business. Setting impossible, harsh terms on the other hand means that people won’t come to you unless they’re desperate, which is something hard money lenders want to avoid at all costs.
Myth #3: Hard Money Loans Are More Expensive Than Traditional Ones
You get what you pay for when it comes to financing. If you need to get money in the next two days so you can acquire and flip a property for a huge profit, then time is of the essence. If a traditional lender can’t get you the money in the time frame you need, then it simply isn’t a valid option.
Hard money loans provide flexibility, but their costs are also affected by the loan in question, the profit to be made, and the laws of supply and demand. All of that said, the interest rate on a hard money loan can sometimes be higher than a traditional loan, but they are also usually shorter term and can close quickly. Time is money in investment real estate, so when you look at the big picture, a hard money loan is usually more cost effective than a traditional loan.
Myth #2: Hard Money Loans Have Draconian Rules
Hard money loans are given by an individual, which means that the rules will change from one lender to another. Generally speaking, hard money loans have different restrictions put on them than consumer loans. This is for a specific reason; the lender is looking out for the investment. Lenders and borrowers are encouraged to negotiate until they reach terms they feel they can work under, which is often not the case for banks and other traditional lenders.
Myth #1: It’s One or the Other
Perhaps the biggest myth when it comes to hard money loans is that you can’t also have soft money loans (the more typical sort you get from the bank). There are no rules that say this, and often those who need as much financing as they can get will draw from multiple sources to make sure they have enough capital to get the project done.
This same blog comments on how scary hard money can seem to be, but this only comes about because of the lack of understanding and knowledge required to properly invest with or borrower hard money.
I hope that if you or someone you know that is having trouble getting a loan elsewhere, has a time sensitive purchase requiring financing, etc. that you honestly check out hard money as an option. You may well be very glad that you did!
Best, Forest – The Guy in the White Hat
Hard Money Broker Serving all of CA Since 1988!
Sun Pacific Mortgage & Real Estate, Family owned & operated (707)523-2099.
Real estate agents, investors, home buyers and home sellers alike should know about this short term real estate loan, or should I say smart home buying strategy. A Bridge or temporary loan is a type of Creative Financing that some Lenders offer.
It is a short term loan, 12 to 18 months only. It gets paid off with longer-term financing down the line or from the sale of a property. It essentially Bridges a Borrower from one point to the next.
A Bridge loan is deemed cash by Listing Agents.
Your Buyer does not have to have a contingency of their home selling to use a bridge loan.
A home owner can buy another house now and sell their home later.
There is no fear of the buyer finding their dream home because they still have to sell their current home at the same time. This is not required with a bridge loan.
Your buyer can buy a fixer, fix it up and have their dream home that way.
This will be a 12 month loan.
A minimum of 3 months payments are due.
You have to have at least 20-25% for the down payment on a purchase.
You have to have decent equity in your existing property on a refinance or pulling cash out.
While there is really no limit on when a bridge loan can be used, as long as the borrower is comfortable with the terms, most bridge loans are typically sought when another sale is pending and the funds are needed to consummate the final deal, permit approvals hold up a project or, most typically, in a “fire sale” situation when a seller must close a deal within a specified period of time.
Some instances of when you might use a Bridge Loan are:
Pulling some cash out from the equity in your current home and using that money as a down payment to purchase another home. This allows you more time to sell the home you are currently in.
Buying a house to fix and resell, also known as Flipping.
Using the Bridge loan to acquire a home that is in disrepair, fixing it up to live in it and then converting the loan to a 30 year fixed rate loan within the 12 to 18 month period.
Rates and costs for Bridge Loans can vary by Lender, of course. Generally speaking however, rates range between 9-12%, interest only.
How We Can Help You:
We are licensed for the entire state of California and have been in business for over 27 years now. Call our office at 707-523-2099 and within just a few minutes, we can let you know what we can do for you!
You can also find out all the we offer on our website at www.sunpacmortgage.com and you can email us through our website or at the email below.
I hope this has helped you understand more about what a Bridge loan is.
not only for Agents but also for potential home sellers and home buyers.
This means multiple offers on properties for sale which is good for a home seller but what about you home buyers? Or, what if you are a “Seller–Buyer” and need to get your home sold before you can buy? Contingent purchase offers can be less appealing than an all-cash offer or no-contingency offers. How about letting our short term Bridge Loan help you out!
We recently did a loan for a lady who needed fast cash so she could close on the property she had her eye on for some time. We were able to get a Bridge Loan done on an existing property she owned, in 14 days from start to finish. With this money she was able to buy the house that she otherwise would not have been able to get.
Our Bridge Loan program is a hard money loan thus more forgiving than conventional lenders, it can fund fast, and hard money is virtually cash so it can assist in strengthening purchase offers too.
We have helped many, many others so let us help you too! Call today (707) 523-2099!
Forest, Ken, and Lynn – The Guys in the White Hats
“Forest and his team have performed for my clients on multiple occasions. As always, with great results and timing. Very knowledgeable in their field and would not hesitate continuing to recommend them when my clients need their services.” Realtor® K.D.L
“Sun Pacific is a go to team in my book. If you need it DONE, go with them!” C.M.
We love hearing from our Borrowers directly as well as other Lenders and Agents we work with. It is always a pleasure to help rescue a home buyer turned down elsewhere for a mortgage. As well as be able to help out another Agent or Lender who just found out their borrower’s loan was disapproved and Escrow closes in a week! Or using a Bridge Loan to help someone buy a new home while waiting for their current home to sell.
Spring has sprung and real estate inventory is increasing, as is buyer demand. Agents, Lenders and Buyers need their best foot forward when submitting offers. Our Hard Money programs can help sweeten a deal as well as quickly fund if needed, despite poor credit, bankruptcy, short sale, difficult to prove income, etc.
See below for some of our recently funded loans so you can get a better idea how we are here to help you!
Call US today (707) 523-2099.
Forest, Lynn & Ken – The Guys in the White Hats
P.S. We love referrals!
NOTE: We finance Bridge loans, Owner Occupied purchases and refinances, non-owner purchases single and multiple units, commercial and some land. Get our financing despite poor credit, self employed-difficult to prove income, need fast financing, property a fixer, etc!
SANTA ROSA, CA
Type: Short term Bridge Loan
Days to fund: 13 days
Reason needed: Needed fast cash to buy another home while current house up for sale
Type: Owner Occupied Cash-out Refinance
Days to fund: 17 days
Reason needed: Poor credit
SANTA ROSA, CA
Type: Cash-Out Non-Owner Property
Days to fund: 7 days
Reason needed: Owned numerous properties
Type: Non-Owner Purchase
Days to fund: 14 days
Reason needed: Foreclosure on credit
SAN JOSE, CA
Type: Investment Purchase Bridge Loan
Days to fund: 10 days
Reason needed: Needed fast cash
INDIAN WELLS, CA
Type: Short term Bridge
Days to fund: 27 days
Reason needed: Still had current house up for sale but needed funds for new home
Experienced and licensed Brokers, Realtors & Lenders are important for all your lending and/or real estate transactions.
I recently read an article about the importance of using an experienced and licensed Lender as well as Real Estate Agent and how not using one of each actually added time, money and ended in some loss of the Buyers.
Here is the original link to the below fun and informative infographic with really good reasons why one not only wants to use a licensed Real Estate Professional but also applies to licensed and experienced Brokers and Lenders:
5 REASONS TO LOVE USING A REAL ESTATE PROFESSIONAL [INFOGRAPHIC] – The KCM
It truly does benefit the Buyer and Borrower alike to find a local expert who can help them through the real estate or lending transaction. So don’t make the mistake and try to do it yourself, unless of course you are a licensed and experienced Broker, Real Estate Agent or Lender.
Best, Forest – The Guy in the White Hat
Sun Pacific Mortgage & Real Estate
Forest Tardibuono is Co-Owner and CA BRE Broker known as “The Guy in the White Hat” of family owned & operated Sun Pacific Mortgage & Real Estate – Your California Alternative Finance Lender since 1988.
Alternative Methods for Funding Purchase and Refinancing
Buyers and Borrowers are looking for an alternative way to buy or refinance. The banks just can’t help!
We have been in this business in Santa Rosa for over 26 years. We have been through the good times and the bad. We are SURVIVORS. Right now the market is in recovery, but borrowers are still consistently turned down by the banks.
The Wall Street Journal printed an article about hard money investors showing that private lenders fill an important void. For borrowers who have been turned away by banks, hard-money can provide a chance to take advantage of opportunities in the market. Ever since mortgage defaults surged after the housing crash, banks have been reluctant to lend to certain types of borrowers, including investors.
Examples:Robert and Yvonne Fassett praise the hard-money business. They secured a loan to restructure their finances after a kitchen-cabinet distribution business they owned for 30
years suffered in the downturn, ruining their credit. The couple received a one-year, $120,000 loan with a 12% interest rate.
“The fees and interest rate were no doubt higher than a bank, but it was well worth it since no bank was willing to listen,” says Mr. Fassett, 59.
So how does it work?
Through mortgage brokers, hard-money lenders offer high-interest, short-short term loans to borrowers who can’t get traditional bank financing, including investors and people with spotty credit. The interest rate can be in the teens – compared with less than 5% for bank mortgages – while the length can be as short as 12 months.
Hard-money lenders don’t focus much on a borrower’s credit scores. They care more about asset valuations and loan-to-value ratios. Many lenders won’t lend more than 50% to 70% of the home’s value, while banks will lend as much as 80% and government-backed loans can go as high as 97%.
Because there is little bureaucracy when compared with big banks, deals can be approved and closed within just a few days.
The fact is, people still want to buy a home even with tarnished profiles and people still look to refinance their homes to buy another property, do home improvements, get extra cash for the holidays, etc.
Hard Money loans is the only option out there if a Buyer or Borrower has been turned down by their favorite bank or savings & loans, mortgage broker or mortgage banker. Or all of the above! I’ve said it before and I’ll say it again – Hard Money is here to stay.
This loan is absolutely critical for Buyers and those looking to refinance. It is a vital tool for the busy Broker and Real Estate too. 2/3 of the loans I do are for purchases. The Buyers are so grateful as they thought they had no chance for home ownership. Or they were in contract and the Lender all of a sudden said “declined”.
Hard Money is the only loan program I offer. I invite you to drop me an email or give me a call if you are in California to see how Hard Money will work for your own situation or for one of your clients. When you need it, you need it and I am here to help!
P.S. – We love referrals!
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.
*Sonoma County Loan amounts vary, call today!
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