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Spring Is in The Air For Housing

April 16, 2019

Spring Is In The Air For Housing

As Spring arrives, the housing market is looking considerably more buyer-friendly compared to a year ago.  The inventory shortage of homes we have witnessed has decreased, and higher inventories are driving price cuts.  

According to Realtor.com, inventories have increased by an average of 6% year over year. Markets with some of most impressive numbers include:

  • San Jose up 125%,
  • San Francisco up 53%,
  • San Diego up 36%,
  • Los Angeles up 26%,  
  • Sacramento up 16%.

The median list price rose 7% year over year in February, but prices are showing signs of cooling.  Thirty-nine of fifty largest housing markets saw an increase in price cuts in February. In California, San Jose with 9% and San Francisco with 5% led the way in price reductions.

All in all, this information bodes well for buyers looking to invest in real estate in 2019.  It appears that the real estate market has begun to turn the corner from a sellers’ market to a buyers’ market.

If you would like to participate in this wealth generating opportunity, but cannot qualify for a conventional loan, give us a call at 707-523-2099.  We are here to help with poor credit, fast loans, big loans, and everything in between.

Hear From The Hard Money Expert!

April 11, 2019

Hear From The Hard Money Expert!

Tune in to KSRO, Sonoma County’s NEWS TALK radio show on Sunday, April 28th at 9:00am – Stations 103.5 FM/94.5FM/1350AM.  You’ll hear from local Hard Money expert of 31+ years, Owner of Sun Pacific Mortgage & Real Estate.

– Curious about the benefits of alternative financing for today’s real estate market?

– Want to get a step up on real estate investments?

– Having difficulty with loan approvals?

These and many other questions will be answered!

If you have any immediate questions or scenarios please call our office at 707-523-2099 or email us back here.

Best, Broker – The Guy in the White Hat

How To Minimize Your Real Estate Tax Obligations

April 4, 2019

How To Minimize Your Real Estate Tax Obligations

“How can you best minimize your tax obligation under the new laws if you plan to purchase a home?”. This was one of the questions addressed in a recent article from House Logic, a National Association of Realtors publication.  It offered some very helpful information regarding tax-savvy home-buying, which is worth sharing because most people are concerned with the new tax laws and how they affect real estate investments.  

The new limit on allowable tax-deductible mortgage and property tax for a primary residence is $750,000.  Yearly, you can only write off the interest you pay up to this cap if you have taken out your loan after December 17, 2017.  If you have an older loan and you itemize, you can keep deducting your mortgage interest debt up to $1 million.

For those living in California, since finding a lower priced home is not always doable or desirable, another option suggested is to make a larger down payment, this way your mortgage doesn’t exceed the $750,000 cap.

Other one-time home purchase costs that are still tax deductible are closing costs, including real estate taxes charged to you when you close, mortgage interest paid when you settle, and some loan origination fees (points) applicable to a mortgage of $750,000 or less.  It should be noted that you will only want to itemize them if all your deductions total more than the standard deduction.

As always, any questions regarding your taxes should be answered by a professional tax preparer or your CPA.  This article is intended to enlighten you on just a few points included in the new tax law, which might significantly affect your real estate investments.

If you’re looking to refinance or invest in additional properties, give Sun Pacific Mortgage a call at 707-523-2099.  We are here to support borrowers unable to qualify for a conventional loan. As a hard money lender, we have helped thousands with less- than- perfect credit and those needing fast, cash-like loans.  If you have enough funding for a down payment and can prove you are capable of repaying the loan, you are a good candidate for our lending programs.

Hard Money Myths BUSTED

April 2, 2019

Myth 1:   Hard Money loans are often predatory and come from dishonest lenders.

Nothing could be further from the truth.  

We have been doing hard money loans in California since 1988.  We have done thousands of loans and rescued hundreds of real estate agents and Brokers who had Buyers with difficulty getting a loan elsewhere.  We wouldn’t have lasted 29 years if we were doing anything dishonest or predatory. Myth Busted!

Myth 2: Don’t only the desperate seek out Hard Money, like a last resort type of loan?

Not at all.  Hard money is commonly used by people who have perfect credit or lots of income or equity, because it is very easy to qualify for and quick to close.  Further, banks will not lend on problem properties.  Hard money is available for that as well.  Myth Busted!

Myth 3: Hard money costs are too expensive and have high rates.

Borrowers use hard money as it fulfills a tremendous purpose in real estate buying these days.   People wouldn’t be using hard money if it was too expensive or the rates were too high.  

When you look at a hard money loan and #1. Discover it is the only loan you can get and #2. It accomplishes the purpose of why you needed a loan in the first place, then it is a good loan!  So…Myth Busted!

Myth 4:  There are no hard money loans for owner occupied properties.

This is false. We are always going to be do owner occupied loans as they are an important part in lending in today’s market. Myth Busted!

Call us at 707-523-2099 with any questions or mortgage scenarios you might have.  We are happy to help!

Loan of The Week – It Takes A Village

March 28, 2019

Loan Of The Week – It Takes A Village

Hard Money Saves The Day.

A busy Mortgage Lender contacted us to help rescue a distressed client who was trying to do a refinance on her house in Marin County.  She needed some additional capital for her business but was unable to get a conventional loan due to being self-employed with difficult-to-prove income.

In less than 2 weeks, our Hard Money program allowed us to do the desired $500K loan against her property that she owned free & clear!

This provided her with enough cash to do debt consolidation with her business and some needed improvements to her commercial office. Both referring Mortgage Lender and Borrower were very happy.

Call us at 707-523-2099 with your scenarios. We work with many Real Estate and Mortgage Brokers, helping Buyers and Borrowers get that all-mighty big green hard money loan they are looking for!

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

End Frustration With BIG Green Hard Money Loans!

March 26, 2019

End Frustration With Big Green Hard Money Loans

 

We can help you stop the frustration due those big loans not getting approved.  Let us help by getting you a BIG Green Hard Money Loan!

Make us your first and favorite Hard Money Lender.  Call us today at 707-523-2099 with any scenario.  We’ll let you know quickly how we can help!

 

Big Loans We Recently Funded

We Finance Despite Credit Issues, Property Condition &

Difficult-To-Prove-Income. And we offer FAST Financing!

$460,000 – Temporary Property Purchase Loan
Windsor, Sonoma County
15 Days To Complete
Needed fast cash for quick purchase offer

$400,000 – Commercial Property Refinance
Nipomo, San Luis Obispo County
25 Days To Complete
Divorce circumstances adversely affected credit score

$734,500 – Business Purpose Refinance
Milpitas, Santa Clara County
23 Days To Complete
Had Difficult to prove income

$540,000 – Investment Property Purchase
Cloverdale, Sonoma County
13 Days To Complete
Owned “too many” properties so needed our program.

Production Is The Basis Of Morale

March 21, 2019

Sun Pacific Mortgage Real Estate

Hopefully this will remind you too, that bad news can stop you in your tracks. And this can’t be good for your business!

Sorry, we are going down memory lane…our kids house burnt down in the October 2017 fires here in Santa Rosa. We have been looking back on how we weathered that event, when local businesses and production went on a sudden standstill. But there were those home town heroes who jumped right into production and started helping.

This past Sunday we drove Coffee Park and were amazed at the action going on there!

It reminded us that bad news stops you in your tracks. The mind thinks, “why bother, all is so bad….”.

The cure for that is out-creating “the norm” and producing – like the workers are doing all over Coffee Park and Fountain Grove! You immediately feel better and want to help.

 

To Our Home Town Heroes – Thank You!!

 

We know that getting back to work and producing makes one feel better. Here are some examples of local heroes who are doing just this, out-creating any imagined “miserableness” of conditions:

– All throughout Coffee Park are rebuilt houses newly occupied, houses being built by-the-dozen with workers working (on a Sunday!). Neighbors outside and helping or talking to each other. It was great to see!

– Driving around on Saturday revealed so many open houses, street corner after street corner with Open House signs. A lot of Realtors working over the weekend to show the multitudes of houses for sale!

– Tight teamwork being done between professionals: A Realtor, Insurance agent and ourselves as the Hard Money lender to get fire-survivors a fast loan. They wanted to make a strong offer to buy a new home right away, while their lot was being sold as they were done with renting.

Don’t hesitate to call us at 707-523-2099 or email us back with any questions or scenarios. We are working every day to keep getting loans funded and escrows closed fast!

 

Best, Lynn & Owner – Owners of Sun Pacific Mortgage

PS: Our kids, Broker and Loan Originator, got their foundation rebuilt and the framing has begun. Hopefully by end of year they will have a new home. Exciting!

We Have BIG Green Hard Money Loans!

March 14, 2019

We Have Big Green Hard Money Loans!

A local Realtor referred his Home Buyers to us because they were having difficulty getting loan approval elsewhere.

They had found a dream home they had to have, and they were able to come up with a decent down payment.  However, they were combining households and their debts did not qualify them for a 30-year jumbo fixed rate bank loan. This is where we came in with our BIG Green Hard Money loan programs!

We quickly got their loan approved and were able to finance a short-term home loan of $555,000 – all before their closing date.

Call us at 707-523-2099 or email us back with your scenarios. We work with many Real Estate and Mortgage Brokers, helping Buyers and Borrowers get the loan they need!

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

New Year Resolution 2 – Accomplished!

March 12, 2019

We Accomplished Our 2nd New Year Resolution… We Are Even MORE AWESOME Than Last Year!

New Year Resolution 2 – Accomplished

We can get that BIG loan funded FAST with our Hard Money programs!

Call us at 707-523-2099 and find out how we can help you or your Home Buyer/Home Seller.

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