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What is a Hard Money Loan?

November 29, 2016

Hard Money loan qualifications are more forgiving than conventional or bank financing and the two basic qualifications are:

#1. Decent existing real estate equity or at least a 25% down payment if a purchase and
#2. An ability to repay the loan.

You could get up to 70-75% of the value of the property. If in Sonoma County, you could get up to 80%. Hard money loans are based largely on equity from real estate assets.

Basically considered all cash, such loans are extra strong and can be used to purchase or refinance fixer properties, bad credit borrowers, irregular income borrowers, large cash-out borrower, someone needing fast cash, short term Bridge loans, etc.

Owners still need to refinance their homes to make home improvements, buy a 2nd home or investment property and Buyers still want to buy even with tarnished profiles. Hard Money is the only option out there if they have been turned down by their favorite bank or mortgage broker or local Lender.

Many people have credit card rates that are 15% to 32% and Hard Money rates average 9% to12% with interest only payments. It will likely cost a bit more than a 30 year fixed rate loan and the rates are higher but it can get you the money you need you have been turned down elsewhere for a refinance or home loan.

We invite you to call us at 707-523-2099 and see how Hard Money will work for your situation. Having worked with many types of loan scenarios since 1988, we are quite experienced, we are honest, fast and our rates are pretty good!

It Is That Time of Year in Real Estate To Have Alternative Financing Readily Available

April 10, 2016

“Gave us an excellent rate on our hard money loan and we got our money 5 days after we applied! I highly recommend Sun Pacific Mortgage!” LW

“I can’t say enough good things about this company! The best experience I have ever had! Helpful & fast from the start! I highly recommend Sun Pacific Mortgage!! Thanks so much to the whole Sun Pacific Family!” PD

Spring has sprung and Buyer demand is increasing. 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.

Best,
Broker and Broker, The Guys in the White Hats

P.S. We love referrals!

Fk

 

Recently Funded:

We finance Jumbo loans, Bridge and short term loans, Primary Residence or Owner Occupied purchases and refinances, non-owner purchases for single and multiple units, some commercial and land. Get our financing despite credit score, self employed-difficult to prove income, need fast financing, property a fixer, etc!

San Rosa, CA (Sonoma County)
Loan Type: Owner Occupied Bridge Loan
Amount: $330,000
Days to fund: 15 days
Not Qualified Elsewhere: Wanted to buy new home before selling current house.

Calistoga, CA (Napa County)
Loan Type: Investment Property Refinance
Amount: $333,000
Days to fund: 13 days
Not Qualified Elsewhere: Owns multiple properties and credit issues

San Francisco, CA (San Mateo County)
Loan Type: Owner Occupied Refinance, Business Purpose
Amount: $700,000
Days to fund: 35 days
Not Qualified Elsewhere: Bankruptcy in recent years

Willits, CA (Mendocino County)
Loan Type: Non-Owner Occupied Purchase
Amount: $2880,000
Days to fund: 17 days
Not Qualified Elsewhere: Property a fixer

Petaluma, CA (Sonoma County)
Loan Type: Primary Residence with Business Purpose
Amount: $275,000
Days to fund: 121days
Not Qualified Elsewhere: Self Employed, and credit issues

San Marcos, CA (San Diego County)
Loan Type: Owner Occupied Refinance
Amount: $316,000
Days to fund: 21 days
Not Qualified Elsewhere: Self Employed, difficult to prove income

Santa Rosa, CA (Sonoma County)
Loan Type: Refinance of Commercial Property
Amount: $350,000
Days to fund: 26 days
Not Qualified Elsewhere: Divorce circumstances adversely affected credit score

Hard Money Loan of the Month – April

January 22, 2016

Hard Money Loan of the Month
By Broker, Lead Loan Originator at Sun Pacific Mortgage & Real Estate

75% Loan to Value rehab loan in Oakland, California

Last month a borrower called needing a short term loan on a distressed property in Oakland, which he wanted to fix up and sell (flip).

SaveHe was in contract with a purchase price of $790,000, requesting a loan of $593,000 – a 75% loan to value loan for this distressed property in Oakland.

We got right to it and within 1 day, had loan approval with a 9.75% interest rate for a 3 year loan!

One of our favorite mottos has become, “If we say it can be done, we’ll get it done!”.

This Bay Area rehab loan was a win-win for all.

Our family owned and operated Hard Money financing company, Sun Pacific Mortgage & Real Estate has served 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.

Click here to learn more about our specific alternative finance programs and rates as well as see more funded loans.

Recently Funded – Here To Help In 2016!

January 7, 2016

Here’s to you kicking off a fantastic new year in real estate by taking advantage of our alternative financing for you or your clients!

Guys

2015 marked another great year of Hard Money Loans from The Guys in the White Hats. January 2016 is our family company’s 28th year anniversary, serving all of California with our alternative finance programs!

This past year was very busy with many home buyers, home owners, Realtors and investors helped by our alternative financing programs, also known as hard money.

We recently expanded our family ranks and programs we offer, to be able to help even more people in this new year. (You can see our updated rate sheet below.)

We hope the following recently funded transactions through our office, give you a better idea as to how we can help you and/or your clients this year!

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

P.S. We love referrals!

Recently Funded Transactions:

We finance Bridge and short term loans, Owner Occupied purchases and refinances, non-owner purchases for single and multiple units, commercial and some land. Get our financing despite credit score, self employed-difficult to prove income, need fast financing, property a fixer, etc!

Petaluma, CA
Loan Type: Owner Occupied Purchase
Amount: $420,000
Days to fund: 24 days
Reason needed: Credit score below 580

Apple Valley, CA
Loan Type: Owner Occupied Refinance
Amount: $341,600
Days to fund: 19 days
Reason needed: Self Employed with difficult to prove income

Santa Rosa, CA
Loan Type: Refinance of Non-Owner 2nd to handle a balloon payment
Amount: $377,000
Days to fund: 38 days
Reason needed: Had bankruptcy a couple of years back

San Anselmo, CA
Loan Type: Owner Occupied 2nd Business Purpose
Amount: $110,000
Days to fund: 15 days
Reason needed: Wanted to make improvements to the property

Penngrove, CA
Loan Type: Construction Non-Owner
Amount: $225,000
Days to fund: 25 days
Reason needed: Completing construction on a house

San Anselmo, CA
Loan Type: Bridge Loan
Amount: $235,000
Days to fund: 33 days
Reason needed: Wanted to buy another home while selling current one

Ukiah, CA
Loan Type: Commercial 2nd
Amount: $460,000
Days to fund: 21 days
Reason needed: Wanted to buy another piece of property

Click this link for our rate sheet, showing the programs we offer.

CALL TODAY, The Guys In The White Hats at
(707) 523-2099

The Key Attributes You Want In A Hard Money Broker

December 18, 2015

Having a local, truly experienced and educated Hard Money Broker behind you for your purchase or refinance is more important than you may think.

A recent Hard Money article in Trust Deed Capital BLOG covers the importance of this quite nicely. Titled “Qualities of Top Hard Money Lenders”, posted by Broker Meyer.

Success BullseyeI can say with complete certainty that after 28 years of Northern California real estate and mortgage experience under my belt, I can let a home buyer, investor or another real estate agent know within just a few minutes if they are qualified for a hard money loan or not.

Having extended my reach throughout California over the past 6 or so years, my family owned and operated alternative finance Brokerage is become more and more expert with the real estate in the Southern and Central California as well.

I have included the original link to the above mentioned article as well as the article itself below, it is important to share with anyone who is considering an alternative source of real estate financing due to poor credit, being turned down elsewhere, being self employed with difficult to prove income or you just need fast financing.

Best, Broker – The Guy in the White Hat
Co-owner and Hard Money Broker of Sun Pacific Mortgage & Real Estate
www.Sunpacmortgage.com

Original blog link: http://www.trustdeedcapital.com/blog/qualities-of-top-hard-money-lenders?utm_source=hs_email&utm_medium=email&utm_content=24398434&_hsenc=p2ANqtz-8tkz6Ak3yltCxU3Rwac1qMELgzibNpeCWOfJMLyS58iwX7zSICwP7xuejDx-CGB22rF3yJqxOyUz-u4UvImBz_wKOI_A&_hsmi=24398434

Qualities of Top Hard Money Lenders

Posted by Broker Meyer on Tue, Dec 08, 2015
While it may seem, to the inexperienced, that hard money lenders operate in a “no man’s land,” the reality is, the top Hard Money Lenders have certain key characteristics in common. If you do decide to retain the services of a hard money lender, here are some of their best practices that you should be on the lookout for:
Excellent Reputation
If you are looking for a hard lender because you have been rejected by a bank, then you might be tempted to run to the first hard lender you can find to get your loan quickly. But do your due diligence first. Some hard lenders are genuinely interested in helping you finance your real estate project, but others are little more than loan sharks. Ask yourself some of the following questions as you areassessing potential lenders:

1. Does the lender have someone that you can meet with and contact? Some hard money lenders operate in all 50 states, but you might consider finding one who operates in your state. The most reputable hard money lenders will want to see the property you are planning to purchase firsthand.

2. Does this lender have a legitimate web site? Many hard money lenders have web sites that are designed to gather your information before passing it along to a third party. Avoid these kinds of sites.

3. Is the lender in good standing with its investors? Does the lender have any pending lawsuits from its investors over bad loans or foreclosed properties? If it does, this can be a red flag as to the financial health of the lender.

Seasoned Investing Knowledge

Most hard money lenders are not the mindless paper-shufflers that you find at a traditional lending institution that need to get acceptance for every decision that they make. Instead, they are seasoned investors who have been to this particular rodeo more than once and can quickly and efficiently vet a deal that is worthy.

Experience

Most hard money lenders have been in the real estate game for most of their adult life. They understand that manyproperty deals do not fall into the neat categories set by the traditional lending institutions in the industry. Their vast experience, however, allows them to evaluate a deal on its merits, rather than on some arbitrary criteria set up by a lending committee.

Trust

The hard money lending industry is a reputable one that recognizes the value of secure business transactions. For this reason, hard money deals are structured along the lines of traditional mortgages. That is, appraisals and inspections are done, escrow accounts are established, and standard written contracts are utilized. The whole point of the process being to protect the interest of both the borrower and the lender.
oOo

Get More Buyers To Your Listings Over the Holidays

December 11, 2015

As a Home Seller or the Realtor listing a house, Holidays are generally considered “slower” or “not the best listing time”. But selling a house over the Holidays can be done if you put some of the below tips to work for you, to drive in more potential Buyers to your listing(s).

Buyahome598After almost 29 years working as a Real Estate Agent in Sonoma County, I have had many a listing that was on the market over the Holidays. Instead of becoming depressed as “nobody would be looking”, I decided to start finding ways to attract interested home buyers.

The below tips are ones I religiously did and one for one got my listing(s) sold – even during the Holidays!

Home Seller and Agent tips of how you can drive in more Buyers to your listings over the holidays:

#1. Simple staging with Christmas colors and items such as putting out scented candles, Holiday towels in the bathrooms, Holiday kitchen hand towels, a wreath on the entrance, etc.

#2. Have CMAs (Comparative Market Analysis) printed out and displayed at the listing, showing the value of the home.

#3. Have loan analysis’s at the listing for Buyers’ use. Many local Lenders are willing to give you loan scenarios for your listing purchase price, especially if they get to put their name and contact info on it.

#4. Have a welcoming curb appeal as much as possible. One should at least have the lawn mowed and landscaping clean.

#5. Post open houses and homes for sale on Craigslist. This is free and you would be surprised how many people search Craigslist!

#6. Post an ad in the local newspaper (such as Press Democrat for a Santa Rosa home sale). These are quite inexpensive and can be quite efficacious in letting a possible Home Buyer know about your real estate sale.

#6. When you do have an open house, posting your open house signs at main intersections and not just around the house itself.

I wish you a Happy Holiday season and hope these tips help you sell your house or listing faster!

Best, Lynn
California Realtor® and Co-Owner at family owned and operated Sun Pacific Mortgage & Real Estate, a Hard Money Broker serving California since 1988! www.Sunpacmortgage.com
CA Bur RE License #01014873. NMLS #361315

Tips To Become A Real Estate Investor

December 3, 2015

I read an article about Warren Buffett’s saving advice and I immediately thought of the many private investors I work with – and the many individuals who are interested/may be interested in being a private investor in California real estate.

100 Dollar Bill And Sign

When I was a kid I worked hard as a newspaper boy and enjoyed counting the coins I collected as payment of my hard work. And as the eldest of 6 other siblings with a full time working mother, I definitely saw what it took to raise a family. Early on decided I to create a good living for my family by building my own successful business.

I now have the honor to work with other individuals who want to make money and a good living for themselves and their family, as a Hard Money Broker. After almost 29 years in the Sonoma County real estate and mortgage business, I have become quite experienced in Buyer financing and now specialize in alternative financing, known as Hard Money and Private Money Loans.

Being a Private Investor can yield upwards of 13% interest. And having Borrowers and Home Buyers with “good skin” in the game, meaning house down payments of at least 25% with only 1-5 year term financing, one can agree this sounds like a smart investment.

For those interested in investing in real estate, California has a lot of prime real estate. Not just in Santa Rosa where I live, but the rest of Sonoma County as well as San Francisco, Napa, Novato and Marin – just to name a few – are all very desirable. And job growth is strong here in the North Bay, meaning more people who want to buy homes or rent!

This article has some good tips for anyone really, who wants to work on some tried and true ways to save up some money which you can then in turn use to further invest in real estate:
http://www.marketwatch.com/story/warren-buffetts-snowball-retirement-advice-2015-11-16

Best, Broker – The Guy in the White Hat
Hard Money Broker of family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! CA Bur RE License #01000559. NMLS #289456
(707) 523-2099 www.Sunpacmortgage.com

Myth Busting About Home Buying – Time To Act Now

December 1, 2015

This KCM infographic is pretty much to the point.

Potential home buyers aren’t always completely informed as to minimum qualifications for buying a home. Now IS the time to honestly do the work and FIND OUT your home buying qualifications. There are conventional financing options, FHA, portfolio and hard money financing options. Don’t regret not really finding out if you do in fact qualify now to buy a home.

Some of the highlights from this KCM blog to take away:

“Interest Rates are still below historic numbers.
“88% of property managers raised their rent in the last 12 months!
“Credit score requirements to be approved for a mortgage continue to fall. The 723 average score is the lowest since Ellie Mae began reporting on scores in August 2011.
“The average first-time home buyer down payment was 6% in 2015 according to NA”

1
Best, Broker – Another Guy in the White Hat
707-523-2099

Lead Loan Originator at family owned and operated Hard Money company, Sun Pacific Mortgage & Real Estate, serving all of California since 1988!

Original link to KCM post:
http://www.keepingcurrentmatters.com/2015/11/13/slaying-myths-about-buying-a-home-infographic/?utm_source=feedburner&utm_medium=email&utm_campaign=Blog_Promo

A Local Look: Affordability for Renters, Buyers

November 23, 2015

By Satinder Haer, Zillow

With the real estate market growing faster than incomes since the recession, affordability is an issue across the country. Is it more affordable to rent or own? At any time, the answer depends on a number of complex, shifting factors: local real estate market conditions, mortgage interest rates and your personal financial situation, among others. However, the data continues to suggest that on a monthly basis, buying remains a better bargain than renting.

Renting is less affordable than ever before while purchase affordability is at an all-time high. Historical data show from 1985 to 2000, renters could expect to spend about 24.5 percent of their monthly income on rent. In the third quarter of 2015, renters spend roughly 30.2 percent of their monthly income on rent—the highest percentage on record. Homeowners on the other hand, are faring even better than they were before 2000. Historically, homeowners spent approximately 21.3 percent of their monthly income on their mortgage payments. Comparatively, Q3 2015 buyers can expect to put just 15 percent of their monthly income toward a mortgage. Renters are forced to spend more of their paycheck on rent than they did before the real estate bubble and bust while homeowners spend less.

California’s real estate market diverges from the national norms. The percentage of income required to afford rent in popular California markets is significantly higher than the national average. In extremely high demand markets such as Los Angeles and San Francisco, renters can expect to spend 48.8 and 47 percent of their monthly income on rent, respectively. San Diego and San Jose rental prices are comparatively more affordable, but still hover above 40 percent. Therefore renters in San Diego or San Jose are spending an average of 10 percentage points more of their monthly income to afford rent than their counterparts in different states.

Even purchasing a home is less affordable in California than in any other state. Only five metros across the nation experienced decreasing mortgage affordability after the Great Recession and four of them are in California (the fifth is Denver, CO). Buyers who want to own in San Jose, San Francisco, Los Angeles or San Diego can expect to put more of their monthly income toward a mortgage than they would have historically. However, buyers still spend a smaller portion of their paychecks on housing than renters in these markets.

Overall, the data show you’ll put less of your monthly income toward a mortgage than a rental payment. If you purchase in Los Angeles, San Francisco, San Diego or San Jose you save more each month than renting. Outside these four hotspots, purchasing a home is more affordable than it has historically ever been. If your goal is to put less of your monthly income toward housing and you have the savings for a down payment, buying may be the way to go.

Info

Zillow

 

Recently Funded Deals – The Holidays Can Be Brighter

November 17, 2015

The Holiday season is right around the corner. This time seems to bring about the need for more money: Thanksgiving family get-togethers travel and Christmas presents!

Why not make this Holiday season less stressful, more joyful and just easier with a house or investment property refinance? Or, how about getting a hard money loan to buy your family a home for the Holidays?!

We hope some of the below recently funded deals will further enlighten you as to how we can help you, your client, a friend or family member. Besides non-owner occupied financing, we offer principal residence financing including short term or bridge financing anywhere in California.

Call Us Today at 707-523-2099 with your real estate finance scenarios and see how we can help!

Best,

Broker & Broker, The Guys in the White Hats
P.S. We love referrals!

RECENTLY FUNDED DEALS:

NOTE: Get our financing despite credit circumstances, self employed difficult-to- prove income, need of fast financing, property a fixer, etc! We finance investment properties, owner occupied properties, multi-units, some commercial and land throughout California.

SANTA ROSA, CA
Type: Non-Owner Business Purpose
Amount: 250,000
Days to fund: 10 days!
Reason needed: Difficult to prove income

COTATI, CA
Type: Owner Occupied Refinance 2nd
Amount: 200,000
Days to fund: 12 days!
Reason needed: Self Employed

SAN RAFAEL, CA
Type: Owner Occupied Purchase
Amount: 328,000
Days to fund: 7 days!
Reason needed: Needed cash fast for closing

NUEVO, CA
Type: Investment Property Refinance
Amount: 340,000
Days to fund: 19 days!
Reason needed: Owned multiple properties

SOUTH LAKE TAHOE, CA
Type: Fix and Flip purchase
Amount: 287,000
Days to fund: 18 days!
Reason needed: Property condition poor

SACRAMENTO, CA
Type: Owner Occupied Purchase
Amount: 362,000
Days to fund: 14 days!
Reason needed: Credit Poor

RANCHO PALOS VERDES, CA
Type: Non Owner Cash-Out Bridge
Amount: 460,000
Days to fund: 14 days!
Reason needed: Needed Cash Fast to Close on Another Property

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