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The Comeback of Multigenerational Housing

December 18, 2017

1 During The Last Decade The Real Estate Market Has Seen A Phenomenon That It Has Not Experienced Since The 1950S…A Significant Increase In Multigenerational Homes.  According To A Recent Study,  About 21% Or 32 Million Americans Share A Roof With Their Grown Children Or Parents.  A Report By The National Association Of Realtors (Nar)  States That 13% Of Home Buyers Purchased Mutigenerational Homes Last Year.  

During the last decade the real estate market has seen a phenomenon that it has not experienced since the 1950s…a significant increase in multigenerational homes.  According to a recent study,  about 21% or 32 million Americans share a roof with their grown children or parents.  A report by the National Association of Realtors (NAR)  states that 13% of home buyers purchased mutigenerational homes last year.  

There are several reasons prompting  buyers to invest in this type of housing.  Among them are:

  • They are looking for ways to care for aging parents (22%, up from 19% last year)
  • Cost saving (17%)
  • Children over 18 moving back home while they attend school or save for a down payment (16%, up from 14% last year)

This shift may also be a result of some social changes over the past several years.  The growth of racial and ethnic diversity in the U.S. explains some of this housing picture. Statistics indicate that the majority of the shared housing falls into these groups:

  • Asians (28%)
  • Hispanics (25%)
  • African-Americans (25%)
  • U.S. whites (15%)

The bottom line reads like this:  Multigenerational households are making a dramatic comeback.  At a time when housing prices continue to rise and housing inventory is at an all time low, this shift from the nuclear home offers a solution to many families today.

If you need financial assistance in purchasing your next home, and you do not qualify for a conventional loan, give us a call at 707-523-2099  We can help get you into the home that works for your family’s needs.

Superheroes Fund Not-Normal Loans

December 6, 2017

Got Superheros Both Broker And Broker When You Need A Fast Response And Faster Home Loan, We Are Here For You!  We Are Known For Our Ability To Provide Speedy Financing For Your Real Estate Needs.  

When you need a fast response and faster home loan, we are here for you!  We are known for our ability to provide speedy financing for your real estate needs.  

Known as Hard Money, these loans might enable you to bring that superhero offer to a Seller or to be the superhero Agent for your Home Buyer client.

We stand ready to help you, a client or someone you know with our “not-normal” loan programs! Call us today at 707-523-2099.

Best, Broker & Broker – The Superhero Guys in the White Hats

 

Recently Funded Not-Normal Loans:

 

Santa Rosa, California (Sonoma County)
Loan Amount: $568,000
Loan Program: Bridge loan
Loan To Value: 78%
Days To Fund: 12 days
Why Turned Down Elsewhere: Needed a fast loan

 

Orangevale, California (Sacramento County)
Loan Amount: $395,000
Loan Program: Owner Occupied Business Purpose
Loan To Value: 65%
Days To Fund: 19 days
Why Turned Down Elsewhere: Bankruptcy

 

South Lake Tahoe, California (El Dorado County)
Loan Amount: $311,000
Loan Program: Owner Occupied Temporary
Loan To Value: 64%
Days To Fund: 14 days
Why Turned Down Elsewhere: Property condition

 

Santa Rosa, California (Sonoma County)
Loan Amount: $460,000
Loan Program: Investment Property Purchase
Loan To Value: 60%
Days To Fund: 8 days
Why Turned Down Elsewhere: FICO issues

 

Vallejo, California (Solano County)
Loan Amount: $420,000
Loan Program: Investment Property Refinance
Loan To Value: 56%
Days To Fund: 24 days
Why Turned Down Elsewhere: Short sale

Arbitraries in Hard Money Lending

December 6, 2017

Office Staff Pic On January 11, 2018 Our Office Will Celebrate Having Done Loans For 30 Years.  We Have Personally Done And/Or Supervised Thousands And Thousands Of Loans.  We Have Almost Seen It All.  Not Too Much Surprises Us Anymore.

Arbitraries in Hard Money Lending

On January 11, 2018 our office will celebrate having done loans for 30 years.  We have personally done and/or supervised thousands and thousands of loans.  We have almost seen it all.  Not too much surprises us anymore.

So, what does the word arbitrary mean?  The dictionary states “based on random choice or personal whim, rather than any reason or system”.

The loans made through my office in the last 6 years, (since the “recession”) regardless of the credit, regardless of the income and regardless of the location, because the property has equity, have not been foreclosed upon in any significant number.  Foreclosures have been started (this is your remedy for non-payment), but only 2 have gone to the Court House steps.  Those 2 had equity and the lender got all his money and more.

The arbitraries on underwriting a loan are credit, income and location, but as Hard Money Lenders our main concern is equity.

During the recent recession there were foreclosures in great number and EVERYONE was hit –  from the 30 year fixed rate borrowers to the hard money borrowers.  Values plummeted.  During that period it was not credit or income that drove the foreclosure market, but plummeting equity.

So, in the main, we are looking for a loan approval by an individual, who serves as underwriter in their capacity as lender.  This approval process ranges from an investor giving a very quick, “I’ll do that loan.  When can I fund?” to the investor who has a list of conditions regarding credit, income and/or the property as long as your arm.  Many investors settle for the middle ground, simply wanting clarifications on the loan application or about the property.

The underwriting of a Hard Money loan should mainly involve the equity in the home, whether a purchase or refinance.  That is statistically what matters.  This is a fact borne out of the numbers, just from my office, regarding Hard Money in the last 6 years and from 30 years’ experience with every type of loan available.

My hope is that this “blog” will make the process a bit simpler for you as the investor, and make it easier for you to get your money out there faster because you did not have to pour over the credit or the income.

 

Loan of the Month – Helping People Makes Me Smile.

November 30, 2017

Jpeg Helping People Makes Me Smile.

Helping People Makes Me Smile.

We have been offering Hard Money Loans for almost 30 years now, and it still makes me happy to do what I do.

Earlier this month, a Homebuyer called in, looking for a quick loan on a home she wanted to purchase in San Diego.

She had contacted several other Hard Money Lenders, but because it was an owner-occupied purchase, she was not able to find a willing lender who could get her $455,000.

My office has a program for primary residence loans, and within 8 days, her loan was funded!

This transaction highlights one of our notable capabilities:  Fast closings.

Call us today at 707-523-2099 for fast, professional and expert Hard Money services.

We Are Thankful For Being Able To Help Others With Our Loans

November 16, 2017

A Recent Hard Money Borrower Sent Us The Following:

“I wanted to thank you for your help in saving our home.

“Sun Pacific Mortgage and their hard money Lenders/Investors allowed us to save our home with a temporary hard money loan.  After going through a difficult financial time, we fell behind on our mortgage which prevented us from securing a conventional mortgage.   We were on the verge of making the difficult choice of selling our home or foreclosing, before contacting Sun Pacific Mortgage.

“The mortgage brokered by Sun Pacific Mortgage helped us save our home, which gave us time to clean up our credit.

“In addition, our Investor/Lender was flexible in extending our loan several months while we secured a conventional loan.  It was a win-win for everyone!

“After a two-year process, we are closing on a conventional refinance today!

“My family and I are eternally grateful for your service and the role Sun Pacific played in saving our home.

“Thank you again!” – Happy Borrower, D.B.

Don’t hesitate to call us at (707) 523-2099

Are You Asking “Should I Buy or Rent?”

November 9, 2017

1 It Is Surprising That Even With The Sustained Rise In Home Prices Over The Last Couple Of Years, Buying A Home Can Be Noticeably Less Expensive Than Renting One In The Bay Area.

It is surprising that even with the sustained rise in home prices over the last couple of years, buying a home can be noticeably less expensive than renting one in the Bay Area.

There was a recent study done that determined buying is 13% cheaper than renting a comparable home in the San Francisco Marin, and San Mateo counties. It jumps to 24% when you consider areas such as the Oakland area, which includes Alameda and Contra Costa counties.

Trulia does not see this picture changing significantly any time soon.  They predict a possible 2% decrease in the San Francisco housing market and 5.5% in the Oakland market.

But homeownership is much more than a comparison of mortgages vs. rents. In a study done by the California Association of Realtors, close to 75% of renters ranked homeownership as “important”.  Out of the group of renters surveyed, 44% said they were renting for financial reasons.  They regret the lack of equity building and the uncertainty of their monthly rental budget.

If you would like to cross over from “Renter” to “Owner”, but find yourself renting because you have credit issues, Sun Pacific Mortgage is here for you.  Our investors are more concerned with your ability to make your payments and the value of the property than in a credit score number, unlike traditional lending institutions.

If you would like to change your status from “Renter” to “Owner”, give us a call at 707-523-2099.

As We Rise From The Ashes

November 6, 2017

Fk As We All Begin To Emerge Out Of The Smoke And Ashes To A New Reality, We Are Faced With Numerous, Difficult Hurdles.  Rebuilding Or Finding A New Home Is One Of The Major Issues Faced By So Many Today.

As we all begin to emerge out of the smoke and ashes to a new reality, we are faced with numerous, difficult hurdles.  Rebuilding or finding a new home is one of the major issues faced by so many today.

At Sun Pacific Mortgage we are standing ready to help with any of your financing problems.  We have already been contacted by several of our past borrowers, as well as new clients, to start the loan process on replacement homes.  These clients need a fast response and faster cash to secure homes that they are fortunate enough to find.  We are known for our ability to provide financing as soon as one week depending on how quickly we are provided the necessary documents.  

If you need a trusted partner in this journey toward the “new normal”, give us a call and we will be pleased to provide you with the financial means to establish your “new beginning”.

We Won’t Leave You Hanging!

October 26, 2017

Halloween We Wont Leave You Hanging 2 Our “Not-Normal Loans”, Also Known As Hard Money, Have Just 2 Main Qualifications And You Can Get Your Money Fast:

Our “not-normal loans”, also known as Hard Money, have just 2 main qualifications and you can get your money fast:

  • Decent existing equity or at least 25% down payment.
  • An ability to repay the loan (source of income).

 

Our fastest loan funding was in 3 days – we get many loans approved and funded in less than 2 weeks.  We don’t leave you hanging, wondering if you will ever get the loan you need!

We are here to help you, a client or someone you know with our lending programs.  Call us today at 707-523-2099.

Best, Broker & Broker – The Guys in the White Hats

 

Recently Funded Not-Normal Loans:

 

Santa Rosa, California (Sonoma County)
Loan Amount: $768,000
Loan Program: Bridge loan
Loan To Value: 78%
Days To Fund: 12 days
Why Turned Down Elsewhere: Needed a fast loan

Orangevale, California (Sacramento County)
Loan Amount: $395,000
Loan Program: Owner Occupied Business Purpose
Loan To Value: 65%
Days To Fund: 19 days
Why Turned Down Elsewhere: Bankruptcy

Santa Rosa, California (Sonoma County)
Loan Amount: $560,000
Loan Program: Investment Property Purchase
Loan To Value: 60%
Days To Fund: 8 days
Why Turned Down Elsewhere: FICO issues

South Lake Tahoe, California (El Dorado County)
Loan Amount: $551,000
Loan Program: Owner Occupied Temporary
Loan To Value: 64%
Days To Fund: 14 days
Why Turned Down Elsewhere: Property condition

Vallejo, California (Solano County)
Loan Amount: $420,000
Loan Program: Investment Property Refinance
Loan To Value: 56%
Days To Fund: 24 days
Why Turned Down Elsewhere: Short sale

 

CALL TODAY, The Guys in the White Hats at

707-523-2099

 

Hometown Superheroes Bulletin #3

October 18, 2017

“Force Yourself To Smile And You’ll Soon Stop Frowning.”

There are many things we can all be thankful for at this time and a lot of rebuilding to get started on, so it is time to get back to work.

If we can be of service with our fast real estate financing options, please reach out and let us know!

Best, Broker & Broker – The Guys in the White Hats

 

Super Heroes Alert:

● “Operation BBQ” put on by Guy Fieri at the SR Vets Memorial Building. Our very own Milton Close from Pinnacle Capital was there, helping to serve needed food to thousands!!

● Our company is helping a local Realtor who has home buyers that wanted to put a FOR SURE TO BE ACCEPTED offer in on a new home as their house burned down in the Fountaingrove fire.  We got right onto it, got loan approval and their offer was approved!  They can close and be in the new house in 2 weeks.  Smart Realtor!!

● Our firefighters have made record flight hours and record retardant drops on our fires. They are working hard to kick the fires butt!

● Vineyard Dental on Sonoma Ave is open and letting anyone who needs Wifi and office space, use theirs. Go on in!

Hometown Superheroes Bulletin #2

October 17, 2017

LET’S GET BACK TO DOING THE USUAL

NOTE:  Please share with us any heroes you have personally observed, been thankful for or have been inspired by.  We will then share it with everyone.

Super Hero Alert:

● David Reyes, his son Luis Reyes (property owners and customers of ours from Hayward, CA) just personally bought and delivered 40 whole chicken dinners, 12 pizzas to the SR Veterans building for those that need it!!!!  Super Heroes!!!!

● Yesterday we started making an effort to Do the Usual.  Get the loans done!  Lo and behold the County Recorder opened their doors and started recording transactions yesterday! We were able to record a local transaction that HAD to be done by Friday.  We all came in early this morning and just received a delivery of a closing check. Pays to be early!  We expect several others by Friday!!!!  We’re feeling a little more normal.

● Tracy Escher at First American Title in Sebastopol is the only one manning that office!  She’s working her tush off – she’s a machine!  And getting it done!!  Thank You Tracy!!

● Adel’s Restaurant on the corner of Mendocino Ave and College:  Broker drove around for 40 minutes looking for a breakfast place.  He happened by Adel’s which was open at 6:15am!  A welcome sight.  They weren’t open the day before,  but gathered their group,  and are now open at 6:00 am and closing LATE.  They have 2 cooks and 3 waiters and 1 clean-up person.

● A clerk at Target, as we were checking out some clothes for the grandkids, listened to our granddaughter tell her story of losing her house and immediately asked another clerk helping to “go and get 2 pumpkins”.  They gave the kids 2 large pumpkins so they had something for Halloween.  It was sooooo lovely and cute.  There were a lot of workers at Target the day the fires struck Santa Rosa!!  So surprising.  Starbucks at Target was also buzzing with business.

● Looks like a lot of the big stores are allowing RVs to park and stay.  Very nice!

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