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Racing To Get You Fast Loans – Even When Turned Down Elsewhere!

Racing To Get You Fast Loans - Even When Turned Down Elsewhere!See our recent blog about The State of the Market:
https://www.sunpacificmortgage.com/blogs/current-state-of-the-market-a-message-from-the-broker/

The below Home Buyer was turned down less than 9 days to Close of Escrow.  Below is the thankful Agent’s email to us:

“A guy in a white cowboy hat gets a phone call from a frantic agent: HELP! My client’s loan got denied and it has to close on Friday! (Keep in mind it is currently Monday). He responded, ‘Well darn, I will get right on it’.

“The Sun Pacific Mortgage Team sprang into action! Loan approval was gotten in 36 hours and docs were in Escrow less than 24 hours later, just ahead of the deadline. WELL DONE Sun Pacific Mortgage, you saved the day with the fastest funding I’ve ever seen.  AMAZING JOB!”  Realtor, S.G.

 

In just 5 days, this Petaluma Homebuyer who needed a rush loan of 780k had her loan funded and new home keys in hand!

Call us at 707-523-2099 with your questions or scenarios or visit our website at www.sunpacificmortgage.com. We work with many Real Estate Agents and Mortgage Brokers & Lenders, helping Buyers and Borrowers get their loans approved and funded fast.

Breaking News – Loan of the Week

Breaking News – Loan Of The WeekWe Help – Despite Being Turned Down Elsewhere

If you or someone you know are trying to refinance, buy a house or pull cash out and needs this done fast or is having difficulty elsewhere, we can help!  Our Private Money loan programs provide faster than usual funding AND can help those turned down elsewhere. Let us help you, just as we did below with our Loan of the Week:

See our recent blog about the Six C’s of Private Money:
https://www.sunpacificmortgage.com/blogs/the-six-cs-of-private-money-lending/

Loan of the Week

A Borrower and her Real Estate Agent from Santa Clara County reached out to us, desperate to save a home purchase.  Buyer was in Escrow but had just been turned down by their current Lender, due to some last-minute issue with the debt-to-income ratios.  A loan of $1-Million was needed immediately.  As Buyer had a sizable down payment, great credit and low LTV, we quickly got this loan approved and funded in just 11 days!

If you find yourself or someone you know in need of fast financing or having difficulty elsewhere getting a mortgage, give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com.  We’ll quickly let you know what we can do to help!

Southern California Housing Market Update

Home prices in the first quarter rose 19.1% compared to a year ago and were 4.2% higher than in the fourth quarter of 2021. It appears as if the spike in mortgage rates during the first quarter has not dampened the market and, with more buyers than sellers, the market is still extremely hot.  The region saw double-digit price growth across the board, with Orange County again leading the way.

Of note is that home prices in Riverside County rose 10.7% compared to the prior quarter.  Rising mortgage rates and prices are certain to push affordability down even further, which is concerning. The question remains whether rising financing costs will start to slow the market. For the time being, this does not appear to be the case.

Image1 1 Home Prices In The First Quarter Rose 19.1% Compared To A Year Ago And Were 4.2% Higher Than In The Fourth Quarter Of 2021. It Appears As If The Spike In Mortgage Rates During The First Quarter Has Not Dampened The Market And, With More Buyers Than Sellers, The Market Is Still Extremely Hot.  The Region Saw Double-Digit Price Growth Across The Board, With Orange County Again Leading The Way.   In the first quarter of the year, the average time it took to sell a home in the region was 22 days, which was 6 fewer days than a year ago but 1 day longer than in the final quarter of 2021.  Homes in San Diego County continue to sell at a faster rate than other markets in the region. In the fourth quarter, it took an average of 16 days to sell a home there—two fewer days than it took a year ago.

The other four counties also saw the time it took to sell drop compared to a year ago, but market time rose very modestly in Riverside, Los Angeles, and San Bernardino counties compared to the fourth quarter of 2021.  Limited inventory combined with growing buyer demand is creating a very tight market. Any increases we see in the number of homes for sale in the coming months is not likely to be enough to satisfy buyers.

Despite low inventory levels and rising mortgage rates, the housing market continues to perform very well in Southern California. The spike in mortgage rates has yet to have a significant impact on price growth or demand; however, it will be interesting to check back in the second quarter because if there is an impact, that’s when we would likely see it.

If you find yourself wanting to purchase in California, give family owned and operated Sun Pacific Mortgage a call now at 707-523-2099 or visit our website at www.sunpacificmortgage.com. We can quickly get you pre-approved so you can present yourself as a serious Buyer when you make your offer to that Seller!  We have been a private mortgage lending company, servicing all of California for the past 34+ years – and are here to help get you that dream home!

Note:  Credit for this article goes to Chief Economist for Windermere Real Estate, Matthew Gardner who is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level.

Real Estate Continues to be the Best Investment

Even when inflation is high like today, Americans recognize owning a home is a powerful financial decision. Because inflation has reached its highest level in 40 years, it is more important than ever to understand the benefits of home ownership. Rising inflation means prices are increasing across every commodity, and that includes goods, services, housing costs, and more. When you buy a home, you lock in your biggest budgetary item each month.

For 9 years in a row Americans have chosen real estate as the best long-term investment. The following graph depicts the results of the latest poll conducted:

Image1 Even When Inflation Is High Like Today, Americans Recognize Owning A Home Is A Powerful Financial Decision. Because Inflation Has Reached Its Highest Level In 40 Years, It Is More Important Than Ever To Understand The Benefits Of Home Ownership. Rising Inflation Means Prices Are Increasing Across Every Commodity, And That Includes Goods, Services, Housing Costs, And More. When You Buy A Home, You Lock In Your Biggest Budgetary Item Each Month.When inflation has risen in the past, home prices have risen as well. A house is an asset that typically increases in value over time even during inflation. According to Mark Cussen, Financial Writer for Investopedia:

“There are many advantages to investing in real estate…It often acts as a good inflation hedge since there will always be a demand for homes regardless of the economic climate and because as inflation rises, so do property values…”

Whether you are a first-time homebuyer or an investor looking to increase your family’s wealth or retirement fund, look no further than property.

If you like the idea of investing in real estate but dread the headaches inherent in becoming a property owner, consider becoming a private real estate investor with Sun Pacific Mortgage. Check out our website: www.sunpacificmortgage.com or call us at 707-523-2099. We are a family owned and operated company which has been in business for almost 34 years. We provide well-vetted opportunities, and you provide the funds to allow qualified borrowers to purchase or refinance their homes anywhere in California.

Current State of the Market – A Message from the Broker – June Edition

Over the last thirteen years real estate has been in a Bull market, which changed the way that we look at the 7-year cycle that previously rang true. This heating and cooling of the market, low interest rates, and removal of subprime loans has created something better and different than before.

Some of the gains have been:

  • Larger equity increases across the entire state
  • Record low default and foreclosure rates
  • High demand / Low Inventory
  • An increase in well qualified borrowers

Unnamed Over The Last Thirteen Years Real Estate Has Been In A Bull Market, Which Changed The Way That We Look At The 7-Year Cycle That Previously Rang True. This Heating And Cooling Of The Market, Low Interest Rates, And Removal Of Subprime Loans Has Created Something Better And Different Than Before.

As we addressed in the first State of the Market, (which you can read here: pt. 1), top economic experts do not foresee a bubble situation. The market gains do not support it.

Now in June, Private Money Lending has remained unchanged. In fact, you could say that the miserabilism and rising rates have increased the benefits of our loan programs. Hard Money rates are constant and now overlap with conventional lenders who are tightening their lending requirements.

This has created a prime opportunity for Direct Private Lending and brought in a higher frequency of qualified Borrowers. So here is a recap of our last month:

  • In May, our investors helped fund over $18 million in loans at an average interest rate of 9.5%.
  • This is up from April’s $17 million at an average of 10.2%*.

*Note that lower rates are granted to Strong Borrowers with Low LTV.

Unnamed2 Over The Last Thirteen Years Real Estate Has Been In A Bull Market, Which Changed The Way That We Look At The 7-Year Cycle That Previously Rang True. This Heating And Cooling Of The Market, Low Interest Rates, And Removal Of Subprime Loans Has Created Something Better And Different Than Before.

While talk of inflation, recession, and panicked markets continue to consume the energy of the media – remember that real estate continues to be strong. The last two weeks in our local market had some of the highest amount of new listings coming on the market in a very long time.  Buyers are flocking at open houses.  One we went to last weekend had over 30 buyers touring the house at the same time.

The market may be changing and look different, but there is a reason why mortgages are used to hedge problems in the economy. It’s because of the strength in real estate.

Loan turned down elsewhere? We Can Help!

First Reblast Artwork Increased Rates And Stricter Qualifications Causing Loans To Be Turned Down By Other Underwriters Or Lenders?  Get Fast Approvals And Funding Of Loans Here!Turned Down Elsewhere?
We Can Help Get You Fast Loan Approval!

See our recent blog about current market conditions:
https://www.sunpacificmortgage.com/blogs/what-will-the-housing-market-look-like-as-the-rates-rise/

Increased rates and stricter qualifications causing loans to be turned down by other Underwriters or Lenders?  Get fast approvals and funding of loans here!

Make us your first and favorite Private Money Lender. We can help those turned down elsewhere and our specialty is speed.

Call us today at 707-523-2099 with any scenario or visit our website at www.sunpacificmortgage.com.  We will let you know quickly what we can do for you!

Recently Turned Down Loans From Others –
Approved & Funded By Us

We Offer FAST Financing; We Finance Owner Occupied & Investment Properties. We Can Finance Despite Credit Issues, Property Condition & Difficult To Prove Income;

Location:  Watsonville, Santa Cruz County
Finance Program:  Primary residence purchase
Loan Size:  865k
Days to Close:  11
Why Needed Us:  Needed fast close to purchase family home.

Location:  Berkeley, Alameda County
Finance Program:  Investment Property Refinance
Loan Size:  962k
Days to Close:  17
Why Needed Us:  Needed cash to make necessary repairs before listing house.

Location: Los Angeles, Los Angeles County
Finance Program:  Primary residence refinance
Loan Size:  577k
Days to Close:  14
Why Needed Us:  Needed to consolidate debts to repair credit.

Why Not Just Quick and Direct?!

Why Not Just Quick And Direct?!

Our Direct Private Money loans can get that refinance or purchase loan done when a traditional Lender unfortunately cannot.  And, we can QUICKLY FUND!

Recently Funded

Screen Shot 2022 06 06 At 10.35.27 Am Our Direct Private Money Loans Can Get That Refinance Or Purchase Loan Done When A Traditional Lender Unfortunately Cannot.  And, We Can Quickly Fund!

Call us at 707-523-2099 today or visit our website www.sunpacificmortgage.com for any questions or scenarios you have. We’ll get back to you quickly to see how we can help you or someone you know.

Behind the Scenes – at Sun Pacific Mortgage

Image3 2 For Over 34+ Years In The Lending Business, We Have Always Viewed Our Investors As Our Biggest Asset.  Without You There Would Be No Sun Pacific Mortgage!  You Provide The Revenue That Allows Borrowers To Become Homeowners. We Have Always Strived To Be As Transparent As Possible To Support The Confidence And Trust You Place In Us.A newsletter to current and future Investors at Sun Pacific Mortgage

For over 34+ years in the lending business, we have always viewed our Investors as our biggest asset.  Without you there would be no Sun Pacific Mortgage!  You provide the revenue that allows Borrowers to become homeowners. We have always strived to be as transparent as possible to support the confidence and trust you place in us.

With this in mind, we thought this might be a suitable time to review just what happens behind the scenes here at our office, before we even present a loan to you.

There are a number of qualifications we put a Borrower through, starting with the loan to value, loan amount, location, and property.  Provided the property is lendable, the loan amount & loan-to-value are reasonable, and the location is within California, we will take the next steps to qualify the loan.

This next step is to obtain the necessary information & verification about the Borrower, including a loan app, credit report, preliminary title report, something supporting the income & assets of the Borrower, and property valuation (we require documentation to support the valuation such as MLS Comps, a BPO, online valuation methods, or we will get an appraisal if the loan is over 65% LTV, a Commercial property, or if value isn’t apparent).

We work to get something to show what the Borrower’s stated income is; such as bank statements, CPA letter, employment letter, paystub, 1099, 1040s, W-2, etc.  It is also important to let you know we always speak directly to any Borrower 65 years or older, to ascertain that they fully understand the loan, fees, are coherent, etc.

As a note, many other Private Money companies do not obtain anything showing income or assets; they lend solely on the equity in the property.  That type of lending is true Hard Money – lending on the equity of the property.  We do hold this opinion too but like to see that the Borrower can afford the payments and we are not setting up a valued Investor with a foreclosure.

After ascertaining what appears to be a legitimate Borrower with a lendable property, we work with Title & Escrow to obtain all needed payoff demands and Title clearances.  We do this to ensure that you as the Lender are provided a clean and clear Title report with the best possible Title insurance that we can obtain.

We get about 60 requests a week for new loans!  You see only about 25% of what comes across our desk.  We have a tight vetting process and underwriting procedure.  Only after this is all done will we submit the Trust Deed Offerings to you for review & approval.

If you have interest in a particular Offering, simply respond to the offering email with your interest.  You are not approving the loan but instead, we can send you our due-diligence package that we have compiled through our vetting process for your review.

Once approved, our in-house Processors prepare Private Money Loan Docs and any other required forms for Title.

In addition to having one of the top private money attorneys on retainer, we attend the quarterly CMA (California Mortgage Association) conventions to ensure we are up to date on all Private Money lending regulations.  Yearly we keep up on our training with an 8-hour Mortgage Licensing Continuing Education Course through the National Mortgage Licensing Board, and every 4 years we do a 20-hour Continuing Education Course through the Department of Real Estate.

So, there you have it, a glimpse into what we are doing behind the scenes to assist in bringing you qualified Borrowers & properties to lend against, for stronger returns.

If you aren’t already an investor with us, visit our website at www.sunpacificmortgage.com to learn more. Also, feel free to contact us through our website or call today (707) 523-2099 more info!

A Bridge To The Future – Private Money

A Bridge To The Future - Private MoneyPrivate Money – The Bridge To A Future Home

After 34 years of experience, we are specialists at helping bridge the distance for individuals who need additional financing to buy a new home, before selling their current house. Let us help you or someone you know with our popular Private Money Bridge loan program, like we did below.

Loan of the Week

Program: Bridge Purchase
Loan Size: 1.4 million
Location: San Luis Obispo County
Reason Came To Us: A Mortgage Broker brought his Borrower to us for some fast help. Their financing was disapproved by underwriting at the last minute due to debt-to-income ratio being a bit too high.  This wasn’t an issue with our programs due to the great equity in his current house.  As we have no DTI requirements, we were able to rapidly get him approved and loan fully completed in just 13 days!

Visit our website at www.sunpacificmortgage.com or call today 707-523-2099 so we can let you know what we can do to help you or someone you know bridge the distance to a future home!

The Pros and Cons of Waiting Out the Hot Housing Market

The Pros And Cons Of Waiting Out  The Hot Housing Market

Just as the pandemic put a temporary damper on the housing market, so too did the jump in mortgage rates. But just as the economic shut down didn’t have a lasting effect on the market, neither will this increase in mortgage rates. And the reason is the same – very little inventory. There are still more Buyers than Sellers and that is driving the market right now.

Despite the slight increases in interest rates, and decreases in inventory, it doesn’t necessarily mean the market is going down. Because Builders have not built enough housing and interest rates remain relatively low, it is thought that the industry might slow, but not fall.

Waiting can be a gamble in this game of real estate. Even if you wait to purchase with the thought that prices could be coming down, if rates increase it will all be for nothing. And renting will not be a cheaper option in the long run.

The market is stable. It hasn’t been driven by Investors, Flippers, and bad mortgages, but by legitimate Buyers. While demand may slow down eventually, there are no signs of prices going down anytime soon.

If you need a loan fast or have not qualified for a conventional loan, consider a privately funded mortgage through Sun Pacific Mortgage. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com if you are purchasing or refinancing in California.

 

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