Take advantage of our Hard Money loan specialties for Halloween:
– Fast Approvals! Fast Fundings!
– Financing for Owner Occupied, Non-Owner Occupied, Consumer & Business Purpose.
– Self Employed not an issue.
– Credit Not An Issue!
Send us your scenarios! Call Today 707-523-2099.
While there was some slight fluctuation in sales pricing from August to September, asking and sales price were very much in line. Below is a summary of 6 cities from the Peninsula, that represent the state of the real estate market in these San Francisco bay areas:
Menlo Park:
Average days on market- 28
Average sales price- $3,241,029 (down $354,912 from August)
List and sales price the same
Foster City:
Average days on market- 24
Average sales price- $1,905,324 (down $162,036 from August)
Sales price 1% above asking price
Belmont:
Average days on market- 19
Average sales price- $1,981,259 (up 4% from August)
Sales price 4% above asking price
San Carlos:
Average days on market- 17
Average sales price- $2,182,043 (down $54,704 from August)
Sales price 4% above asking price
San Mateo:
Average days on market- 20
Average sales price- $1,781,586 (down $90,215 from August)
Sales price 3% above asking price
Burlingame:
Average days on market- 25
Average sales price- $2,909,842 (down $161,331 from August)
Sales price same as asking price
In reviewing these findings, we see that the shortage of homes for sales has resulted in a faster turn-around for listings. While there has been some adjustment of pricing, over all the market has remained robust and indeed, even competitive.
So if you’ve considered selling in these areas, this is the time to reach out and find a local, qualified Realtor who can help walk you through the selling process smoothly. And if you are looking for alternative financing or a Hard Money loan to finance a future purchase, give Sun Pacific Mortgage & Real Estate a call at (707) 523-2099 for a free consultation.
No covid or stressful regulations when you use our alternative financing programs.
Expect FAST loan approvals! Expect FAST closings & fundings for your clients!
Call Us 707-523-2099. We’ll let you know quickly what we can do for you and or your clients.
Program: Investment Property Refinance
Loan Size: 486,000
Days to Close: 7
Location: Brentwood, Contra Costa County
Why Came To Us: Difficult to prove income as self-employed.
Program: Primary Residence Refinance
Loan Size: $700,000
Days to Close: 20
Location: South Pasadena, Los Angeles County
Why Came To Us: Property needed repairs and they wanted to add another unit.
Program: Investment Property Purchase
Loan Size: $399,000
Days to Close: 19
Location: Cupertino, Santa Clara County
Why Came To Us: Wanted extra fast cash to purchase another property.
Program: Primary Residence Refinance
Loan Size: $400,000
Days to Close: 19
Location: Novato, Marin County
Why Came To Us: Issues with FICO and having difficulty elsewhere for approval.
Looking for a home loan with a bad credit score can be intimidating and frightening. But it can be done! A little homework and reading this blog should give you all the courage and ammunition you need to forge ahead in your pursuit of homeownership.
First, let’s explain the understanding of “bad credit”. Credit scores, also known as FICO scores, range from 300 (awful) to 850 (perfection). To break it down further:
So, what is a borrow to do if he/she finds themselves in a less than desirable FICO category? Your first step must be to correct any mistakes you find on the report. (It is interesting to note that 1 in 4 Americans find errors on their credit reports.)
Once any errors have been corrected and your financial standing is still not where it needs to be, there are still options. One such option is a hard money loan. To qualify for this type of loan you must provide proof you can make the proposed mortgage payments, you have a substantial down payment or you have sizable equity in the home you wish to refinance. These are really the 2 main qualifications in this quite-forgiving type of financing.
With general California home values increasing exponentially at this time and low interest rates causing a rush to secure a share in this new gold rush, it makes sense to buy now and take the higher rate a hard money loan might cost you. Since these loans can be made for as short a period as 11 months, it allows the buyer to get into a real estate deal now and refinance at a lower rate once the existing credit issues have been resolved.
Sun Pacific Mortgage has been in the hard money lending business over 3 decades in California. Give us a call at 707-523-2099 to discuss our programs for purchasing or refinancing owner-occupied and investment properties.
Our loans also offer a solution for those borrowers requiring a quick close. The scarcity of property inventory has created a situation in which speed is all important making the timeline from offer to close of escrow a critical component. We have been known to close loans in under a week when the buyer’s dreams are at stake.
Remember that the chance to own your own home might outweigh the additional money in interest payments. So, if you are convinced your credit history is sure to destroy your home-buying dreams, chin up! One call to Sun Pacific Mortgage at 707-523-2099 may open doors you thought were closed to you forever.
After 32 years, despite market changes and recent covid regulations, our two main lending qualifications have not changed and are still more forgiving than conventional or bank financing. These two basic qualifications are:
#1. Decent existing real estate equity or at least a 30% down payment if a purchase and
#2. An ability to repay the loan.
We have worked with many other Brokers and Realtors, helping to close more transactions and help make their clients happy! We can cover up to 65-75% of the value of the property. These 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 score borrowers, irregular or difficult to prove 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. Our unique financing is the only option out there if your client is unable to qualify for a loan from you, their favorite bank, mortgage broker or local Lender.
Many people have cards with rates that are 15% to 32% and Alternative Financing rates average 9% to 12% with interest-only payments. This will likely cost a bit more than a 30-year fixed rate loan but it can get them what they want, despite having been turned down elsewhere for a refinance or home loan.
Also, if your Buyer or Borrower just misses out on qualifying for conventional financing, they could qualify for our Alt-A Special Program which offers rates as low as 6.5%!
We invite you to look through our programs for exact details on how we can get you and/or your client fast loan approval! Or call us at 707-523-2099. Having worked with many types of loan scenarios for over 3 decades, we are quite experienced, honest and FAST.
*Click above to play video and find out more*
Avoid Covid-19 regulations with our alternative financing programs and expect fast loan approvals!
Call us today at 707-523-2099 or email us by clicking below. Let us help you get that mortgage financed!
A Broker from Santa Clara reached out to us with a client who needed some fast funding. He had to resolve some critical renovation issues with one of his Mountainview properties, relating to permitting fees and road work that needed to be done quickly.
With a loan to value of 53%, the requested mortgage of $750,00 was easy for us.
This borrower had qualified for a conventional loan but needed his funds much faster. This is where we were able to quickly jump in and help with our unique alternative financing programs. Because of us, in just 9 days, this Borrower was able to secure all the necessary permits and begin work on his property!
If you need a fast close or are being turned down by other conventional lending institutions, give us a call at Sun Pacific Mortgage 707-523-2099. Trusted by over 10,000 borrowers in our 32+ years as a family owned & operated alternative financing company, we’re pretty expert on knowing how to help get loan approval.
(What Is Hard Money Really? Click above to play video and find out!)
No covid regulations here – just fast loan approvals. Don’t waste time with other mortgage lenders turning you away, we can help get you the financing you want!
For over 3 decades our family company has helped thousands of individuals with our Hard Money programs.
Call us at 707-523-2099 with any questions so we can quickly get back to you with what we can do for you! We want to help you, as we did for the borrowers below.
Finance Program: Primary Residence Purchase
Loan Size: $460,000
City: Mountain View, Santa Clara County
Days to Finish: 25
Why Came To Us: Wanted a fast loan to make stronger offer and close quicker.
Loan Program: Investment Property Refinance
Loan Size: $353,500
City: Pacoima, LA County
Days to Finish: 22
Why Came To Us: Wanted to renovate property as condition poor.
Loan Program: Primary Residence Refinance
Loan Size: $560,000
City: Truckee, Nevada County
Days to Finish: 26
Why Came To Us: Wanted to consolidate debt and repair credit.
Finance Program: Primary Residence Refinance
Loan Size: $539,000
City: Oakland, Alameda County
Days to Close: 22
Why Came To Us: Difficult to prove income as self-employed.
And we thought we had seen it all…but, no, there was more! How about record-breaking heat, more fires, unhealthy air, and a pandemic? Despite it all, the real estate market in Sonoma, Marin, and Napa counties have continued to thrive and even grow!
Here are the statistics for single family homes as recently reported in the Press Democrat, by local Realtor Jeff Schween, on September 13, 2020:
Sonoma County
New listings: 356 (down 25% from 2019)
Escrow openings: 585 (up 32% from 2019)
Closings: 534 (up 33% from 2019)
Homes for sale at end of August: 650 (down 43% from 2019)
Absorption rate: 82%
(Note: Absorption rate is calculated by dividing the number of homes sold by the number of homes available at the end of the month)
Marin County
New listings: 198
Escrow openings: 247 (up 49%mfrom 2019)
Closings: 258
Homes for sale at end of August: 287 (28% down from 2019)
Absorption rate: 89% (one of the Bay Area’s hottest)
Napa County
New listings: 97 (down 38% from 2019)
Escrow openings: 173
Closings: 154
Homes for sale at end of August: 262
Absorption rate: 59% (this indicates an increase in values will follow)
The reasons for this healthy increase in the North Bay real estate market are probably three-fold: more work-from-home opportunities, desirability of wine country, and more affordable housing than other local urban areas.
So, despite some of the disasters that have occurred in our northern counties, they still appeal to a myriad of homebuyers. Sun Pacific Mortgage has seen an increase of borrowers who need a fast close for their property purchase. The lack of inventory makes each escrow a sprint to the finish. We have been known to finish many of our loans in as little as a week! If you find yourself in a time crunch to close your deal, or just want to look better than the next guy when presenting your offer, give us a call at 707-523-2099.
(What Is Hard Money Really? Click above to play video and find out!)
Are you frustrated by not getting loan approval for a client?
Let us help! We do not have any covid regulations and in fact, have only 2 main qualifications:
#1. If buying a property need 25-35% down payment of the purchase price. For any refinance, need good equity.
#2. An ability to repay the loan (source of income).
In business for over 32 years now, our Hard Money programs still have less restrictions and faster funding times than traditional lenders! Give us a chance to help you and your clients, as we did for this Realtor and her Buyer:
A Realtor reached out to us with a client from Santa Clara, needing help with a refinance of $560,000. Unfortunately, when already in Escrow, the lender who earlier gave loan approval backed out. This particular client was looking to refinance his current home loan and take advantage of the 70% equity in his house. He wanted to pull the needed cash out and buy an investment property to turn into a rental.
With considerably less restrictions and faster closing times, we made a Realtor and her Buyer very happy with the money in hand, in less than 12 days!
If you, a client or even a friend need fast financing or are looking to use their existing equity to make debt consolidations, upgrade a home or purchase additional property, give us a call at 707-523-2099. We’ll quickly reply with how we can help.
Santa Rosa Sees New Interest from Buyers
Local Sonoma County Realtor, Jeff Schween, published an article in the Press Democrat on August 16, 2020 summarizing today’s happenings in the Santa Rosa real estate market. He says we are seeing a shift in affluency from larger metro markets to nearby suburbia. In the past, buyers looking to relocate stayed near their current residence. This does not appear to be the case during this pandemic. He goes on to state some surprising data to support his observation. Here are some statistics from the MLS used to substantiate the claim that Metro Bay Area has discovered Suburbia North Bay:
SANTA ROSA METRO REGION – JULY:
Here was the summary breakdown by neighborhood:
NORTHEAST SANTA ROSA
SOUTHEAST SANTA ROSA
OAKMONT:
NORTHWEST SANTA ROSA:
SOUTHWEST SANTA ROSA:
From this well-documented report on the activity in Santa Rosa in July, it is apparent that folks have discovered our “Paradise” and are actively looking to migrate North!
Good news/ Bad news: we can look for home prices to rise and supply to be lower than preferred.
If you have been considering a change of scenery and live in any one of these coveted areas of Santa Rosa, now is the time to contact your real estate agent. We are already seeing bidding wars in some areas.
If you are looking to buy but find yourself just short of meeting the restrictions of a conventional loan or need a quick close, give Sun Pacific Mortgage a call at 707-523-2099. We have been in business in Santa Rosa or 32 years and have maintained a sterling reputation based on our honesty and helpfulness.
