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Recently Funded – Helping Where Needed

May 21, 2020

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Let Us Be Of Help When Needed.

These are trying times for many.  Wouldn’t it be beneficial to discover a possible home loan program that could relieve some of the stress?  This is where we hope to be of help!

The Hard Money mortgage programs we offer are backed by real estate equity –helpful for purchases, refinances for debt consolidation, to pull out additional cash for upgrades or for business capital, etc.

We also have a unique Alt-A Hard Money program great for anyone who is fully qualified for conventional financing but wants a faster loan OR someone who just missed qualifying and still wants help.
Call Today 707-523-2099 with any questions or specific scenarios. We will quickly let you know what help we can provide to you, a friend or even your clients.

Others Recently Helped by Us

Location:  Cazadero, Sonoma County
Finance Program:  Primary Residence Refinance
Loan Size:  $380,000
Days to Close:  28
Reason Came To Us: Didn’t qualify as poor condition of property but needed business capital.

Location:  North Hollywood, Los Angeles County
Finance Program:  Investment Property Purchase
Loan Size:  $397,000
Days to Close:  14
Reason Came To Us:  Didn’t want to lose out on another investment opportunity.

Location:  Penngrove, Sonoma County
Finance Program:  Investment Property Refinance
Loan Size:  $325,000
Days to Close:  20
Reason Came To Us:  Credit was poor but needed to refi out of a loan that had come due.

Location:  Goleta, Santa Barbara County
Finance Program: Refinance of Primary Residence
Loan Size:  $450,000
Days to Close:  13
Reason Came To Us: Needed to quickly pay of the existing reverse mortgage of a relative who recently passed away, otherwise property would be foreclosed on.

Location:  Sacramento, Sacramento County
Finance Program:  Primary Residence Refinance for Business Purpose
Loan Size:  $235,000
Days to Close:  11
Reason Came To Us: Had too many bills and wanted to do debt consolidation to improve credit standings.

Home Equity to the Rescue

May 19, 2020

Home Equity To The Rescue

Despite the staggering number of unemployment claims being filed, there are many reasons we will not be seeing a significant number of foreclosures like we did during the crash of the last decade.  The major reason is that the amount of equity homeowners have today, positions them to be in a much better place than they were in 2008.

Here in California, we understand the significant equity existing in our real estate, painting a picture that brightens significantly.

The last recession was painful, and when prices dipped, many found themselves owing more on their mortgage than what their homes were worth.  The average equity that mortgaged homes have today is a significant amount of money which homeowners will not be walking away from, even in today’s economy.

Californian’s can see strength in our current market through homeowner equity that was not there in the past.  In fact, this equity may become the cushion some people need to get over the present hump.  By accessing their built-up equity, they can ease some of the pressure they may be experiencing.

But what if you need this money fast, or your credit has suffered in the past and you do not qualify for a conventional loan?  This is where Sun Pacific Mortgage can step up and help.  With a healthy amount of equity, we can provide a cash-out option to sustain you in the short term.  We are one of the few hard money lenders who have continued to offer owner-occupied loans.  Using your equity to get you these difficult times may provide you with fewer sleepless nights.

Give us a call at 707-523-2099 to see if we can provide you with a softer landing during these difficult times.

Unique Financing That’s Helpful Now

May 14, 2020

New Northbay Biz

Get Financing From Family Company – Ranked One of the Top 500

Despite current circumstances, we have successfully continued to lend to individuals who are in need of a home loan – to get fast cash-out from equity, to do repairs, money to buy a home, do debt consolidation, pay off balloon payments due, etc.

Our desire to assist those who need fast financing or have just missed qualifying for traditional “A-Paper” home loans, has prompted us to work closely with our myriad of investors and get a strong mortgage program that can be of help!

This unique “Alt-A Hard Money” program has benefited quite a few borrowers in need over these past few months, offering lower-than usual Hard Money rates:

– Borrowers with good credit (640+)
– Lower Loan To Value (55% LTV or lower)
– Nice property in good location

We are known for providing fast financing and our specialty has become this new “Alt-A Hard Money” program.  In business for more than three decades, we remain family owned & operated and have helped thousands of individuals with their real estate financial needs throughout California.

Email back or Call Us at 707-523-2099 if you would like to see if you qualify for this unique mortgage program. We’ll let you know quickly if we can be of help.

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

California Real Estate Declared ‘Essential’… What Does This Mean in the Real World?

May 12, 2020

California Real Estate Declared Essential

The California real estate market got a boost recently, when it was reclassified as an “essential” industry.  Since March 20th face-to-face real estate sales have been non-existent.  As a result, and coupled with the economic anxieties, local house hunters in Sonoma County, Santa Clara, San Mateo, and San Francisco Counties (as well as the rest of California) have been hesitant to pursue any real estate deals.  But as of May 4, the new ruling allows occupied homes can be shown as long as the seller is not present.

This certainly does not mean “business-as-usual”, but homes may be shown following local and state regulations.  In general, that means only 2 buyers + their 1 agent may be present (no kids, no friends, no parents) and the 2 buyers must already live in the same household.  Many “virtual open houses” are popping up as well, to provide more options to interested Home Buyers.

It is the opinion of most real estate agents that May will be transitional and June more normal.

But what about after the “shelter-in-place” order? What will the market look like then?  Once we are through this period, which appears may be June 1st or so, there will be some challenges that linger for a while but this is where creativity comes into play from talented Realtors and motivated Home Buyers.

We will get through this.  Homes will sell again (maybe a little differently), but as with other past disasters, we will work with what we have.  We are fortunate that this pandemic didn’t happen in the 1980’s!  No internet or other digital resources would have brought the real estate market to a dead stand still.  With creative ways to communicate and share information online, it really is just a transition to newer ways of listing and selling real estate!

Sun Pacific Mortgage is deeply grateful to all the devoted first- responders and dedicated doctors and nurses who put their lives on the line everyday for us.  We haven’t forgotten the brave grocery store workers and others who have kept our tables full during these stressful times.  You are all our heroes.  Stay safe and stay strong!

We continue to provide our alternative financing services for real estate needs. Don’t hesitate to see what we can help you and/or a client with by visiting our website at www.Sunpacificmortgage.com

Recently Funded – Bringing Heroes to Financing

May 7, 2020

Recently Funded – Bringing Heroes To Financing

Our Loans Can Be The Hero You Need

If you or your client are in need of some heroic alternative financing for any real estate transactions, we are here to help.

As we continue to satisfy our multitudes of investors by tightening-up borrower qualifications with lower Loan To Values and slightly increased rates, we are staying busy providing short-term Hard Money loans to those in need.

Here are last week’s loans approved by some of our Investors – shown by location and LTV. This should give you an idea of the lower LTVs which can be financed by our office at this time:

Torrance – 64% LTV
Bakersfield – 58% LTV
Oakland – 45% LTV
Willits, CA – 54% LTV
Santa Barbara – 37% LTV 2nd
San Diego – 54% LTV
San Francisco – 59% LTV

Call us today at 707-523-2099 with your scenarios or questions.  We will quickly let you know what we can do for you and/or your clients.

Recently Funded By Us

Location:  Palo Alto, Santa Clara County
Finance Program:  Primary Residence Temporary Refinance
Loan Size:  $760,000
Days to Close:  21
Reason Came To Us:   Poor credit and trying to pay off taxes and construction debt.

Location:  Los Angeles, Los Angeles County
Finance Program:  Primary Residence Temporary Refinance
Loan Size:  $428,000
Days to Close:  29
Reason Came To Us: Inherited home with reverse mortgage and needed to refinance.

Location:  Belmont, San Mateo County
Finance Program:  Primary Residence Refinance for Business Purpose
Loan Size:  $500,000
Days to Close:  26
Reason Came To Us: To pay off credit card debt and launch new career.

Location:  Kings Beach, Placer County
Finance Program: Commercial Property Refinance for Business Purpose
Loan Size:  $825,000
Days to Close:  28
Reason Came To Us: Self-employed with difficult to prove income.

Investing Fears Allayed by Experts We Trust

May 5, 2020

Investing Fears Allayed By Experts We Trust

All investors are looking for certainty and guidance with the Covid-19 crisis upon us.  We want to know what the best course of action might be.  A passage from a letter to the Berkshire Hathaway shareholders written by Warren Buffet in 1986 could offer some inspiration now:

“[O]ccasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community.  The timing of these epidemics will be unpredictable.  And the market aberrations produced by them will be equally unpredictable, both as to duration and degree.

Therefore, we never try to anticipate the arrival or departure of either disease.  Our goal is more modest: We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

Even though the quote is 34 years old and we may balk at the term “greedy” (substitute “aggressive”) this sentiment has been repeated over and over again, in different contexts by Buffet.  Basically, he is saying, “Don’t follow the herd”! See the opportunities when others see only crisis.  If you are afraid, your competition is too.

Investing in real estate and trust deeds might seem to be the boldest and most exciting step you can take during this daunting time.  Done smartly, it could have huge payoffs for you and increase your wealth exponentially.

Sun Pacific Mortgage continues to have many healthy opportunities for your investment money.  Despite the crisis, we are receiving many calls for loans with smaller LTV’s and borrowers with strong repayment histories.  If you see the wisdom in Warren Buffet’s advice, give us a call at 707-523-2099 to discuss becoming one of our partners and advancing your family’s wealth during this otherwise difficult time.

Loan of the Week – Giving Faster Financing

April 30, 2020

All Here Avengers

Loan of the Week

We received a request from a Sonoma County Broker, who had a borrower with a note that had come due. Unfortunately, this borrower needed more time to repair her credit in order to qualify for conventional financing, so needed a short-term Hard Money loan.

She required $550,000 to satisfy her present lender and she needed it ASAP.

With a loan to value at 55%, we were able to finance her loan in just 12 days!  She now has 2 years to improve her FICO score and apply for a conventional loan.

If you find yourself needing a fast loan regardless of the amount, think Sun Pacific Mortgage and call us at 707-523-2099.

Los Angeles First Quarter Report

April 28, 2020

Los Angeles First Quarter Report

As we entered this unchartered territory in the first quarter of 2020, the real estate market reflected some unevenness. Results for this past quarter in Los Angeles County were location and market specific. Looking at various communities within the whole of the county we find these statistics:

  • Properties on the market moved quicker in the more desirable Westside neighborhoods because of historically low mortgage rates and average sales prices declining.
  • Strong sales in the Hills showed a 43% increase from last year. In fact, Beverley Hills had a 120% increase in activity over last year. It appears that buyers were taking advantage of a 6% decrease in average single-family home prices to $2.8M
  • Some communities on the East Side saw average sales prices for single-family homes increase compared to the first quarter of last year, while days on the market decreased by 27% from last year’s first quarter. Pasadena and San Gabriel had sale price increases of 7 and 30 percent, respectively. In the La Cresenta//Glendale/ Montrose/Sparr Heights markets, condominium sales were extremely strong.
  • Overall, Metro Los Angeles saw a strong 25% increase over last year’s sales activity. Downtown LA and Hollywood condominium sales showed a dramatic increase of 75% compared to last year’s first quarter and days on the market were down 16% for Downtown.
  • South Bay’s home sales activity was mixed. Overall, they declined by 2% year-over-year, with the exceptions being Hermosa Beach with a 41% activity increase, Rancho Palos Verdes at 32% and Playa Vista at 75% increase. Home prices were relatively flat except for Playa Vista where the average sale price hit $2.7M, a 45% gain.

What this picture will look like for the 2nd Quarter of 2020 is anyone’s guess. If virtual tours and digital conferencing continue, we may be seeing some leveling out of the market, but not a significant decline.

If you are unable to qualify for a conventional home loan and are looking for financing during these stressful times, look no further than Sun Pacific Mortgage. Although we are physically located in Northern California, at least half of our clients come from Southern California. We successfully handle all our business remotely, either online or by phone. Give us a call at 707-523-2099 or send us your questions and/or scenarios through our website email forms.  Let’s see if we can help ease some of your stress during this unprecedented time.

Recently Funded – Together We’ll Get It Done

April 23, 2020

Agents Of Shield With The Help Of More Of Our Friends, We Continue To Stay Busy, Providing Our Alternative Financing Services To Realtors, Brokers And Borrowers Alike.

Together We Will Get You A Loan!

With the help of more of our friends, we continue to stay busy, providing our alternative financing services to realtors, brokers and borrowers alike.

Call us today at 707-523-2099 with any questions or scenarios.  We’ll let you know what we can do for you and/or your clients!

Recently Funded By Us

Location:  Guerneville, Sonoma County
Finance Program:  Investment Property Refinance
Loan Size:  $375,000
Days to Close:  14
Reason Came to Us:  Needed fast capital to purchase another property.

Location:  No. Hollywood, Los Angeles County
Finance Program:  Investment Property Purchase
Loan Size:  $397,000
Days to Close:  14
Reason Came to Us:  Difficult to prove income as self-employed.

Location:  Oakland, Alameda County
Finance Program:  Investment Property Refinancing
Loan Size:  $1,200,000
Days to Close:  23
Reason Came to Us:  Property condition poor and needed cash for big remodel.

Location:  Rancho Santa Margarita, Orange County
Finance Program:  Primary Residence Temporary Refinance
Loan Size:  $460,000
Days to Close:  14
Reason Came to Us: Needed cash to make repairs to home before selling property.

Sonoma County Real Estate Report for March

April 21, 2020

Sonoma County Real Estate Report For March

In examining the March real estate market results, it is important to recognize that there is a time-lag of 3-6 weeks between a listing coming on the market and an offer being accepted.  With this in mind, almost all the sales data we have as of the first week in April reflects the market before the shelter-in-place went into effect. For all the Bay Area counties March median sales remained quite strong.

According to Realtor.com, March real estate statistics for Sonoma County read like this:

Median List Price:  $715,400 (up 7.6% over last year)

Median Listing Price per Sq.Ft.:  $406.

Median Sales Price:  $636,000

Average Sales Price:  $776,202

Median Days on the Market:  46 (trending down since last month)

Number Sold:  251 (up 4.1% from February)

Active Properties:  667 (as of April 5)

Other statistics from various sources:

  • Median sales price for single-family homes rose 6.6% year-over-year and 3.1% compared to last March.
  • Sales rose 2.9% year-over-year
  • Single-family homes pending totaled 348
  • Median sales price for condos was up 16.2% year-over-year, but condo sales were down 10.9% compared to last March
  • Condos are selling in 59 days
  • Days of inventory for homes is now 80

Spring is usually the most active selling season and often sees the highest median sales prices of the calendar year.  Give the rapidly changing socio-economic factors in play due to the present pandemic, experts are hesitant to predict how this season will play out.

The good news is that realtors and lenders have found creative avenues around the shelter-in-place restrictions.  They are utilizing all the digital and video media available from Zoom to Skype and every platform in-between. Virtual tours are still happening, listings have been going into contract, and escrows continue to be executed.  We are a resilient community that has weathered both fires and floods, and we will weather this hardship, too.

Stay calm, breathe, and carry on…this, too, will pass and we will all come out stronger.

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