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Breaking News – Loan of the Week

Breaking News Turned Down

We Help Despite Being Turned Down Elsewhere!

For any client who is trying to refinance, buy a house or pull cash out but needs this done fast or is having difficulty elsewhere, we can help!

Our Hard Money loan programs provide faster than usual funding AND can help those turned down elsewhere for FICO issues, difficult to prove income, property condition, etc.

Let us help you as we helped the borrower below:

Loan of the Week

A home owner in Santa Clara County reached out to us, desperate to save their home from being repossessed by the bank and needed to refinance their present loan for over $1million immediately.  They had over 50% equity in the home so this was not an issue for us.

Within two weeks we were able to get them a hard money loan, allowing them to not only keep their family home but also do the needed debt consolidation so they could start fixing their credit.

If you find yourself or know someone in need of fast financing or having difficulty elsewhere getting a mortgage, give us a call at 707-523-2099.  We’ll quickly let you know what we can do to help!

Are California Buyers Still in Bidding Wars?

Are California Buyers Still In Bidding Wars

Because of the lack of inventory that still exists in California real estate markets, sellers remain in the driver’s seat.  At the beginning of the pandemic, in early March, there were many who feared that this recession would trigger a repeat of the 2008 real estate debacle.  By May, the real estate market surprised the economists by remaining stable, and even growing.

Looking at Southern California for the month of May, for example, there were 6 out of 7 counties that saw increases in the both the number of homes sold and in the average selling price.  These counties included:  LA, Orange, Riverside, San Bernardino, Santa Barbara, and San Diego.  The only county to drop in average selling price, and only by 1.2%, was Ventura County.

Today, housing is truly driving the U.S. economy forward.  Because there are so few homes to purchase right now prices are rising, a natural consequence of the “supply-and-demand” principle.

Chief Economist at realtor.com, Danielle Hale explains:

“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with{a limited} number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”

We saw this happen in San Francisco during the month of July, where out of 163 single-family homes that sold, 89 sold over asking price.  Another statistic stated that 42% of homeowners who made a purchase from the period January to May ended up in a bidding war.

The lesson here for prospective buyers this summer is to have your “ducks-in-row”.  Hire a trusted local real estate expert to help you navigate those muddy waters out there.  Additionally, get pre-approved for a mortgage.

If you find that you fall short qualifying for a conventional loan, or you need a loan fast (like in a week), give Sun Pacific Mortgage a call at 707-523-2099.  We are a family owned business licensed and operating in California for over 32 years.  Our private investors finance your real estate projects.   We can get you qualified quickly and have funds in your hands with lightning speed, allowing you to make a solid offer on your real estate purchase or refinance. During these incredibly competitive days in the world of real estate, that is a significant step up when bidding on property.

Recently Funded – Less Hassle Here

Broker And Broker Loan Approved

Less Hassle For Loan Approval With Us!

Wish you could get your client’s loan approved for their purchase or refinance?

If you are running into difficult underwriting regulations or client has difficult to prove income, property condition isn’t that good or their credit has some issues – we can still help with our alternative financing programs, known as Hard Money.

Call today 707-523-2099 or email your scenarios and we will let you know what we can do to help!

Recently Approved & Funded

Loan Program: Non-Owner Occupied Refinance
Loan Size:  $320,000
Days To Finish:  16
Location:  Daily City, San Mateo County
Why Came To Us:  Difficult to prove income as self employed.

Loan Program:  Investment Property Refinance
Loan Size:  $750,000
Days To Fund: 9
Location:  Santa Clarita, Los Angeles County
Why Came To Us:   Looked for fast capital for business investment.

Loan Program:  Investment Property Refinance
Loan Size:  $276,800
Days to Finish:  21
Location:  Seaside, Monterey County
Why Needed Us:  Property needed fix-ups; Buyer wanted to flip this house.

Loan Program:  Primary Property Refinance
Loan Size:  $560,000
Days To Fund:  15
Location:  Concord, Contra Costa County
Why Came To Us:  Wanted to do debt consolidation to improve credit.

Recession? Yes, California Housing Market Crash? No

Recession Yes California Housing Market Crash No

The National Board of Economic Research (NBER) has announced that the U.S. economy is officially in a recession.  To which most of us would respond, “No kidding!”  The Bureau defines a recession like this:

A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators.”

We are all very aware of the consequences to the economy since this shutdown.  There is, however, a vast difference between this recession and the last one a decade ago with regards to the housing industry!

Mark Fleming, Chief Economist at First American, explained the situation thusly:

“Many still bear the scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak.  But there are distinct differences that indicate the housing market may follow a much different path.  While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Taking into consideration our home state of California, what factors are present that make the difference between this recession and the last one?  We can look to four major reasons:

  1. Families generally have larger sums of equity in their homes.
  2. We have a shortage of housing inventory.
  3. No more irresponsible lending practices.
  4. Home price appreciation is not out of control.

It is good to remember that in three of the four previous recessions before 2008, home values appreciated.  It is the consensus of the experts that this time the housing industry is far better positioned to ride out the storm – and even come out stronger in the end.

And for both Northern California and Southern California real estate markets, values have slightly dipped but are already on their way back up to pre-pandemic.

So, get out there and connect with your local licensed Lender to get pre-qualified for a purchase and connect up with your local Realtor to find you that perfect home.

Best, Broker – Another Guy in the White Hat

Recently Funded – Have More Clients Now!

July New Promo

Stop Turning Away Clients!

We’ve become expert at the packaging of loans for “Turned Down Elsewhere” Borrowers and getting them approved & funded – fast.

Our unique Alt-A Hard Money Programs with rates as low as 6.5% is quite popular, allowing us to be a resource to handle almost any Borrower profile that is less than “A” quality.

So, think of us first for those clients you were otherwise going to turn away or for those Home Buyers who are having trouble with loan approval.  Call us at 707-523-2099!

Recently Approved & Funded

Loan Program:  Primary Residence Refinance
Loan Size:  $400,000
Location:  Belmont, San Mateo County
Days to Finish:  21
Why Needed Us: Wanted fast capital for company.

Loan Program: Investment Property Refinance
Loan Size:  $325,000
Location:  Santa Clarita, Los Angeles County
Days to Finish:  16
Why Came To Us: Wanted to improve property condition with repairs.

Loan Program:  Primary Property Refinance
Loan Size:  $419,000
Location:  Windsor, Sonoma County
Day To Finish: 21
Why Came To Us:  Recent divorce debts to handle and improve credit.

Loan Program:  Primary Residence Temporary Purchase Loan
Loan Size:  $488,000
Location:  Oakland, Alameda County
Days to Finish:  19
Why Came To Us: Was self employed with difficult to prove income.

Summer Is the Time to Sell in 2020

Summer Is The Time To Sell In 2020

In the past years the spring housing market was the beginning of the selling season.  However, like it is in other States, because of the recent stay-in-place orders and the safety concerns, this year the California real estate season has shifted to the summer.

What does that mean for both sellers and buyers up here in the North Bay areas?  There is good news on both fronts!  As the Chief Economist for the National Association of Realtors stated:

“In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures.”

New listings are on a slower – but steady – path to recovery as we move into warmer months.  As a seller, including your home in the mix may be your best opportunity to sell.  Interest in your home may be higher than you think with inventory so low.

Buyers appear to be more confident than sellers as we enter into the summer.  They seem more ready to make up for lost time from the traditional spring market.

Dissatisfaction with homes after being quarantined for several months is motivating buyers to brave the social distancing restrictions and explore better solutions to their living arrangements.  Your for sale house may be the solution to their problems!

Sonoma County and other parts of the Bay Area are beginning to see a turn in the market.  Prices have remained relatively stable throughout the pandemic, and some areas are actually seeing multiple offers.  So, call your realtor, Sellers.

Buyers who need a competitive edge for their offer, can call Sun Pacific Mortgage at 707-523-2099 to apply for a fast, temporary hard money loan that will get you into your new home quickly and easily – even if you have poor credit, difficult to prove income, etc.

Loan of the Week – Stop Turning Clients Down

Ft And Kw Feb

If Turned Down Elsewhere We Can Help!

We developed the idea of helping Borrowers who were “Turned Down Elsewhere” over 32 years ago.

With Hard Money financing, just picture what we can do for you and/or your Borrower: Get that loan funded!  And fast! 

There’s that Borrower who has something in their profile making them less than “A” quality, thus not qualifying for conventional financing. Maybe it’s a little thing, maybe it’s something really bad.  Whatever it is we have probably encountered it and then solved it in the thousands of transactions we have done over the past 3 decades – such as the following:

Loan of the Week

We received a request from a Mortgage Broker who had a self-employed Borrower that was having difficulty getting approval due to debt to income ratios.

By this time, the Borrow was looking for fast financing to purchase a rental property in Sonoma County and secure the loan for 2 years.  He needed a very quick close or he would lose the opportunity.

In short order we had this $449,00 loan approved and they closed escrow in 16 days! Happy Broker and happy borrower who was previously turned down elsewhere.

We are available to help at 707-523-2099.

Look for a Rebound in the Housing Market

Look For A Rebound In The Housing Market

A hopeful sign of the economic recovery was reported by The National Association of Realtors (NAR) last month when they found that pending home sales increased by 44.3% in May.  This statistic registered the highest month-over-month gain in the index since NAR started tracking this metric in 2001.

According to the Pending Home Sales Index (PHS):

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos and co-ops.”

The reason this statistic is so important is because with the shutdown of the economy in March, we saw a two-month decline in the number of homes that went into contract.  With this jump in May, it indicates that buyers are back in the market and purchasing homes right now. California is one of those states were real estate has picked up and continues to increase with homes coming on the markets from northern California counties such as Sonoma and Marin on down to central coast areas like Monterey and Santa Barbara on down south California to Orange County and San Diego.

According to Lawrence Yun, Chief Economist at NAR:

“This has been a spectacular recovery for contract signings and goes to show the resilience of American consumers and their evergreen desire for homeownership…”

To continue this upswing, however, we need to see an increase in the number of new homes being built.  This will help combat the lower inventory supply we face today.

In Sonoma County we have seen the resurgence of homebuilding to offset the devastating loss of homes caused by the recent fires of the past two years.  It will be necessary for this building surge to continue to stabilize the housing deficit we have faced in this area for several years.

The experts seem to agree that this is an excellent time to sell or to buy property if you’ve been considering it!  Don’t wait.  Contact your local Realtor and if you need help with financing if you are being turned down elsewhere, give Sun Pacific Mortgage a call at 707-523-2099 to discuss your specific needs.  We are a family-owned business which has been in hard money lending for over thirty years and have helped multitudes throughout our long history.

Giving More Approvals – Recently Funded

Trusted Plain

We Make Home Loans Easier

You can get your new mortgage or refinance approved easier with us.

After 32 years of offering our Alternative Financing programs we can say with confidence our Hard Money loans are just easier, faster and have less qualification requirements than conventional and traditional financial institutions.

Call Today 707-523-2099 with any questions. We will reply quickly with what we can do to help.

Others Recently Helped by Us

Loan Program:  Primary Property Alternative Refinance
Loan Size:  $419,000
Location:  Windsor, Sonoma County
Days to Finish:  21
Why Needed Us: Loan Consolidation

Loan Program: Primary Residence Refinance
Loan Size:  $1,300,000
Location:  Perris, Riverside County
Days to Finish:  11
Why Came To Us: Wanted to consolidate existing loans and pay off other debts.

Loan Program:  Primary Residence Refinance
Loan Size:  $560,000
Location:  San Leandro, Alameda County
Day To Finish: 24
Why Came To Us:  Debt Consolidation

Loan Program:  Primary Residence Refinance
Loan Size:  $488,000
Location:  Escondido, San Diego County
Days to Finish:  19
Why Came To Us: Needed cash to invest in business

The Real Estate Market and the Rest of 2020

The Real Estate Market And The Rest Of 2020

The question on everyone’s mind is: “What is going to happen to the housing market in the second half of this year?”  After examining unemployment, real estate, and the economic climate, the experts are taking a second look at their previous forecasts.

Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

“The recovery in housing is happening faster than expected.  We anticipated a drop off in Q3.  But, we don’t think that’s the case anymore.  We revised our Q3 numbers higher.  We predicted a 2% decline in purchase originations in 2020, now we think there will be a 2% growth this year.”

Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April-during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

In summary, the economists and real estate experts are optimistic about the second half of the year.  And this applies to California!  So, if you were hesitant about pursuing your real estate plans earlier this Spring, you might want to start the ball rolling now that the California real estate market is showing signs of renewed life.  Counties like Sonoma, Marin, San Francisco, Los Angeles and even Santa Barbara are increasing their mortgage requests – showing that Home buyers are moving out in bigger quantities.

If you need help with securing a home loan and have been turned down by other mortgage agencies, give Sun Pacific Mortgage a call at 707-523-2099 to discover what solutions exist for your specific qualifying problem.  We have been in the hard money lending business for over 32 years with a great track record for helping our clients obtain alternative financing for their real estate investments, both owner-occupied and non-owner-occupied.

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