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We Make Loans Simpler – See How Here!

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We Make Loan Approvals SIMPLE

Are you looking for a faster, smoother and less-regulated loan approval process?

With our Hard Money programs, we can help those turned down elsewhere, those just looking to speed up a refinance or even just get a fast mortgage.

Call us at 707-523-2099 or reply here with any questions. We hope to be able to help, as we did for the Broker and his client below.

Loan of the Week

A Mortgage Broker from Southern California referred his client to us who wanted to invest in a San Diego business but was having issues proving he made enough income.

The client and his wife just wanted to access the equity in their primary residence to pull out some cash for their business.  They needed 488K which would still present a decent 63% loan to value.  Within 20 days we were able to provide them with this financing they needed, and they couldn’t have been happier!

Sun Pacific Mortgage is known for our fast loans and integrity in dealing with our brokers and clients, which is a reason we have been in this lending industry for over 32 years.

We are available to help at 707-523-2099 or with an email reply.

Tapping Your Equity for Businesses Purpose Reasons

Tapping Your Equity For Businesses Purpose Reasons

Before beginning to explain how to use your equity, let’s define the meaning of equity.  In short, equity is the difference between the current value of your home and how much you owe on it.  For example, if your home is worth $800,000 and you owe $300,000, your equity is $500,000.

The great thing about this hidden treasure is that you can borrow against it to fund life’s big purchases, such as buying an investment property, remodeling your home, or starting a business.

Lenders will typically lend you upwards of 75-80% of the value of your home less the debt you still owe against it.  These percentages may have changed since the latest economic disruption, because there is concern that values may fluctuate a little.  But still it can be a strong investment and a smart move.

When buying investment property, there is a simple rule of thumb that is recommended: “Multiply your useable equity by four to arrive at the maximum purchase price for your investment property.”  Remember that besides the purchase price, you need to budget for purchase costs such as realtor’s fees and escrow fees among other expenses.

Even if you have plenty of equity, conventional lending companies will consider other factors such as income, credit score, property condition and additional debts.  However, a Hard Money Lender such as ours, Sun Pacific Mortgage, will make it considerably easier to qualify if you find it difficult to prove your income, have less than perfect credit scores, or are buying distressed property.

Ultimately, using equity to obtain business capital can be a smart move.  If you are seriously thinking about pursuing extra cash for home fix-ups, to buy an investment property or need business capital, give us a call at 707-523-2099 to discuss our various programs available to you.  We have helped, and even through the recent pandemic, are continuing to help hundreds of Californians just like you become wealthier through real estate.

Family Company – Here To Help You Get A Loan

Family Business Alterantive Financing

Turned Down Elsewhere For A Mortgage?

Are you running into stops or difficulties with loan approval? You won’t have these stops with us!

Our Hard Money loan programs have 2 main qualifications:

  1. Good equity or a decent down payment and 2. An ability to repay the loan.

Call us at 707-523-2099 with any questions.  We are happy to quickly let you know how we can help – as we were able to do for the Borrower below.

Loan of the Week

A Southern California Mortgage Broker referred his client to us who wanted to invest in a San Diego business but needed to access the equity in his primary residence to get this done.

The needed loan was in the amount of $488,000 which made it 64% LTV.  In just over 2 weeks we were able to get this loan to them!  They could not have more pleased when the escrow closed in such short order.

Southern California and Home Prices After Covid-19

Southern California And Home Prices After Corona 19

While it is still relatively early in the battle against this pandemic, real estate history does hold some lessons for us regarding what’s next for housing.

It is generally agreed that today’s economic downturn will not be another Great Recession that decimates local home prices.  Real estate had been on a roll up until March when we were instructed to hunker down.  At that time Southern California’s six counties’ median sales price was $550,000, up 6.8% in a year.  This data was based mainly on deals that were in progress before the “stay-in-place” order.

In early April, the market saw some discounting.  Zillow reported that the median asking price in Los Angeles and Orange County as of April 19 was $856,575 (down 7% in a month, but up 7% in a year).

Historically speaking, large upswings in California unemployment usually create downward pressure on housing values.  But unlike the past real estate fiasco in 2008, there was no oversupplied market propped up by unrealistic lending practices when we embarked on this event.

While this should have been a thriving homebuying season in 2020, we are instead seeing a limited supply of homes for sale.  The data for L.A.-O.C. for pending sales in mid-April were down 59% from last year.  But there are still plenty of Southern California house hunters lured by cheap mortgage rates and a view that this will be a brief economic downturn.

Most California economists believe that this painful episode in our history will be followed by a rapid recovery.  Mark Schniepp of the California Economic Forecast stated, “ A number of us believe there will not be very much of an impact on home sales, once we restart the economy again and people can get out to look at homes, both existing and new.”

So don’t be afraid, get out there and find your dream home or sell your current home to an anxious home buyer.

Based on an article from the Orange County Register

Tired of Being Turned Down? Loan Help Here.

June Art 1

Sick of being turned away for home loan assistance? Let us help with our alternative financing programs.

Our Hard Money mortgages are backed by real estate equity.  If you have good existing equity OR have a decent down payment then we can help you with a home purchase, maybe do a refinance for debt consolidation, get you additional cash for upgrades or that needed business capital, etc.

Call Today 707-523-2099 with any questions. We will quickly let you know what help we can provide you, a friend or family member!

Others Recently Helped by Us

Loan Type:  Primary Property Refinance
Loan Size:  $560,000
Location:  Concord, Contra Costa County
Days to Fund:  15
Why Needed Us: To pay off medical expenses and other debts.

Loan Type:  Primary Residence Refinance
Loan Size:  $320,000
Location:  South Gate, Los Angeles County
Days to Fund:  20
Why Needed Us:  Debt Consolidation.

Loan Type:  Investment Property Refinance
Loan Size:  $276,800
Location:  Seaside, Monterey County
Days to Fund:  21
Why Needed Us: Condition of property wasn’t good enough, looking to flip.

Loan Program:  Investment Property Refinance
Loan Size:  $750,000
Location:  Los Angeles, Los Angeles County
Days to Fund:  9
Why Needed Us:  Wanted fast capital for a business investment.

Second Half of 2020 Real Estate Market Looking Good

Second Half Of 2020 Real Estate Market Looking Good

Take a breath!  There’s good news ahead.  According to many economists we are going to start to see an economic rebound in the second half of this year.  Here’s a look at what some of the experts are saying:

Jerome Powell, Federal Reserve Chairman:

“I think there’s a good chance that there’ll be positive growth in the third quarter.  And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…”

Nonpartisan Analysis for the U.S. Congress:

“The labor market is projected to materially improve after the third quarter; hiring will rebound, and job losses will drop significantly as the degree of social distancing diminishes.”

These experts and many more believe that while we are certainly not out of the woods yet, there is light at the end of the tunnel.  They also agree it will be a bumpy ride for the next few months, but the good news is that they also agree the turnaround will begin sooner rather than later.

Buyers and sellers may have put their real estate and mortgage plans on hold during this planned shutdown.  However, as signs have started to pop up, the market is picking back up sooner than later!  The past two weeks in Sonoma County alone, there have been over 80 new homes put on the market for sale and both realtor and lender alike are busy with new home buyers.

If you’ve thought about selling or buying anywhere in California, now is the time to get going as it’ll just get busier and busier.

Turned Down Elsewhere For A Mortgage?

Hard Money New Beginning

If you’re getting turned down elsewhere for a mortgage, give us a chance to help using our Hard Money loans. Despite increased lending regulations elsewhere, we have the same rates, same LTVs and same “faster than conventional funding” speed, as we did before!

Let us be your new beginning to purchase a home, a new investment or even to refinance for additional cash out to get you caught up after these recent tough times – like we were able to do for a past borrower, below.

Loan of the Week

One of our past borrowers reached out to us from Truckee, California requesting a loan for $560,000 so he could purchase an investment property.

He was looking to refinance his primary residence to invest in this venture but was being turned down by his conventional lender due to a difficulty to prove his income.

He had more than 50% existing equity in his primary residence and had really good credit, so we had no issue with getting him a mortgage!  In less than 3 weeks he had the funds he needed to purchase that property.

If you or someone you know is looking to use their existing equity to make debt consolidations, upgrade their home or purchase additional property – and is being turned down elsewhere – give us a call at 707-523-2099. We’ll let you know quickly how we can help!

Spring Real Estate Boom Has Shifted to Summer

Spring Real Estate Boom Has Shifted To Summer

With the stay-at-home order gradually lifting, what was once the boom in real estate during the spring, is just now showing signs of life again as we enter summer.

To quote Joel Kan, Economist at The Mortgage Bankers Association:

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks.”

Google Trends reports that online searches for “real estate” have increased from 68 points the week of March 15th to 92 points last week.  It appears that more potential buyers are looking for homes virtually.  The market is definitely not dead according to these statistics!

Finding a home to buy in Sonoma County or any of the surrounding counties such as Napa and Marin, remains a problem however, since spring sellers removed many listings from the market.  Although more people are putting their houses up for sale this month as compared to last month, inventory is still below last year’s level.

The message here is if you are thinking of selling your home anywhere in the North Bay areas of Sonoma, Marin, San Francisco or Sonoma County during the summer, now may be your best opportunity!  With so little competition this will allow your home to stand out in the crowd.  Home buyers are looking and with all the safety regulations being followed in these North Bay counties, you can confidently begin to show your home to prospective home seekers.

If you need to finance your purchase this summer, but do not qualify for a conventional loan or just are looking for a faster & stronger offer to beat out other home buyers, give Sun Pacific Mortgage a call at 707-523-2099.  We specialize in “non-QM” (non-qualified mortgage) type financing, also known as Hard Money loans.  Borrowers who have a blemish on their credit report or have difficulty proving their income due to being self employed, etc. can still get financing from our home mortgage programs.

Recently Funded – CovidBusters Are Us

Covid 19

No Mortgage Covid-19 Regulations Here!

We want to let you know that our loan programs are not affected by any of the new regulations implemented for traditional and conventional mortgage programs.

No need to stress if you have a lack of resources for your financial needs.  Let us be your “covidbusters” and use our Hard Money programs to help!

Call Today 707-523-2099 with any questions or specific scenarios. We can quickly let you know what we can do for you, a friend or even your client.

Scenarios Recently Financed By Us

Location:  Brokertfield, Marin County
Finance Program:  Primary Residence Refinance
Loan Size:  $860,000
Days to Close:  13
Reason Came To Us:  To settle a balloon payment that was coming due.

Location:  Escondido, San Diego County
Finance Program:  Investment Property Refinance
Loan Size:  $500,000
Days to Close:  23
Reason Came To Us:  Wanted to pay for property upgrades.

Location:  SFO, San Francisco County
Finance Program:  Commercial Property Purchase
Loan Size:  $702,000
Days to Close:  30
Reason Came To Us: Investment purchase

Location:  Camarillo, Ventura County
Finance Program:  Primary Residence Refinance
Loan Size:  $360,000
Days to Close:  24
Reason Came To Us: Debt consolidation to then improve credit.

Who Predicted This Affect on California Real Estate?

Who Predicted This Affect On California Real Estate

One of the burning questions facing all Californians today is: with Californians self-distancing and “hunkering down” for the immediate future, what will the impact be on our real estate market and investments?  While this pandemic is causing various economic downturns, it hasn’t yet affected home values and most economist are still optimistic with regards to the real estate market in general.

Real estate sales, rentals and leasing are a $445 billion industry in California and has been a major driver in personal wealth for property owners over the past decade.

Seeing the effect of the covid19 pandemic on the world economy naturally raises questions regarding other markets, like real estate.  Experts have made clear that an economic slowdown does not equal a housing crisis, nor does it mean a repeat of the 2008 debacle.  There were other economic issues at work during that recession that have been resolved by laws that were enacted since.

What we may be seeing is a longer wait for homes to sell once they hit the market and there may be some lowering of prices, but no major crash is predicted by the experts.  Nor has there been any major dip in California values or home sale ranges despite this ongoing pandemic.

California housing demand remains strong and technology makes it easier to perform real estate shopping and buying online.  Some adjustments we might be seeing are that viewing houses and inspections may be done more by appointment, more attention on extra sanitizing for in-person viewings and virtual showings but it will not be impossible.

While we are home-bound, this time would be good time for potential buyers  to get their paperwork together for mortgage pre-approval, and for sellers to get their disclosures completed and begin the decluttering process.  Sellers can also line-up the pre-sale inspections and necessary photographs so this time at home is not wasted.

Because we are a family-owned and operated real estate financial business, Sun Pacific Mortgage is still working, getting loans funded with our usual efficiency.  We could be the answer to solving your real estate funding problems when other lending institutions are short- handed.  We specialize in fast, short-term mortgages that can be refinanced in as little as six months.  Give us a call at 707-523-2099.  We can handle all the necessary paperwork via phone call and email, so reach out!

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