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New Release! Alt-A Financing

August 8, 2019

Alt-A Hard Money Loan!
By The Guys in the White Hats 

New Release! Alt-A Financing

This is for borrowers who are just shy of qualifying for “A” paper. 

This Brand-New program offers low hard money rates from 6% – 8%!

– Fastest Funding Around (many funded in less than 5 days)
– Borrowers with good credit (640+)
– Lower Loan To Value (64% LTV or lower)
– Nice property in good location

Recently Funded Alt-A Scenario By Us: 

Santa Rosa Home Buyer is turned down by her Lender 27 days into a 30-day Escrow, despite being very qualified, just had an alleged last-minute issue as to proof of income. Her Realtor luckily knew us at Sun Pacific and immediately called our office, requesting quick help. In less than 48 hours we had her loan approved and funds ready, for her needed Bridge Loan of $946,870.000. 

We continue to also offer our traditional Hard Money loan programs for those in need of fast cash, turned down elsewhere for credit issues or difficult to prove income.  

Call us at 707-523-2099 with any questions or scenarios and we’ll reply quickly with what we can do for you!

Accessory Dwelling Units: Do Your Homework First!

August 6, 2019

Accessory Dwelling Units Do Your Homework First

The housing crisis, especially in California, has worsened over the past decade.  There is a report that states California is short three million housing units. This accounts for the additional pressure on home and rent prices.  To alleviate this disparity some cities are reducing the red tape required to build these attached or detached structures on an existing residence. This type of building (ADU) might be called a granny flat, backyard home, casitas, or in-law suite. 

If, as a homeowner, you are considering this type of addition, it is imperative that you do your homework before embarking on this investment.  Each city employs different ordinances and regulations. Don’t depend on the city’s website to inform you regarding the most up-to-date information because it is changing so quickly.   

With this warning in mind, it is best to run your design plans through your city’s planning department before you begin your project.  Although ADUs are small, generally 400-1000 square feet, the cost to build them can be astronomical. Why? Because they include the two most expensive rooms in the house: a kitchen and a bathroom.  Check out size restrictions, set-back requirements, and zoning issues that could sabotage or change the scope of your project.

There may be restrictions on who your renter can/will be.  There is pending California legislation that will affect whether there is an owner-occupancy requirement.  There may also be restrictions in certain municipalities regarding vacation and short-term rentals. Some cities are restricting them or prohibiting them entirely.  

As if all the above is not daunting enough, you must still deal with the utilities.  They have been known to grind more than one project to a halt. Don’t forget to ask about utility incentives or rebates for energy efficiency upgrades.

Bottom line:  Expect the unexpected.  Rules are changing and timelines are typically longer than planned.  Take the time to do the research required to mitigate your risk and put you in the best position to be successful.

And for those who need additional financing to build an ADU, you will want to contact a licensed and trusted Lender.  In fact, you may want to check out a few different types of lenders as some offer different programs with different terms & rates.  Find the best one that fits your needs, to execute your expansion!

Fast Financing For Those Turned Down Elsewhere!

July 25, 2019

Fastest Funder

You or your client being turned down elsewhere for a home mortgage?  This is where we can come in and help with our alternative financing programs – also known as Hard Money.

Call us at 707-523-2099 today with any questions or scenarios you have. We’ll get back to you quickly!

Recently Funded Through Our Office

 

$344,000 – Non-Owner Purchase
Seaside, Monterey County
14 Days To Complete
Turned Down Elsewhere Due To Past Foreclosure

$345,000 – Owner Occupied Refinance
Crescent City, Del Norte County
14 Days To Complete
Cash Out to Consolidate Debt 

$700,000 – Owner Occupied Purchase
Napa, Napa County
19 Days To Complete
Self Employed, Difficult To Prove Income

$500,000 – Non-Owner Business Purpose Refinance
Saint Helena, Napa County
6 Days To Complete
Needed Fast Loan To Get Capital For A Business Purchase

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

Real Estate Vs. Your 401K

July 23, 2019

Real Estate Vs Your 401K

All of us would like to think we are going to retire someday, and hopefully, it will be comfortably. To that end we are encouraged to contribute to a 401K.  Unfortunately, the growth rate of most 401K accounts will not offer us the retirement we anticipate. As an example, even if you were to put $250 a month into a Roth and get a modest 3.5% return on your investment, the return most likely would not be enough for a comfortable retirement.  

So, what are the options?  If you have a self-directed Roth IRA, you could invest in hard money trust deeds that would minimally yield 10%, putting you in a much better position for retirement.  Yes, these investments come with a much higher risk, but the real estate market over the long haul has always proven a safer investment than most others. Additionally, it is tangible and will always carry value so ensuring you have decent equity at the get-go for each investment, this will serve for a safer investment overall. 

Hard money trust deed investments allow you to enjoy the advantages of real estate ownership without the inevitable landlord problems and hassle.    This type of passive investing comes with a professional lender responsible for vetting prospective borrowers. Additionally, using a loan servicing company to collect mortgage payments and ensure payments for taxes and insurance, eliminates virtually any intervention on your part.  In the end, you are left with a retirement account that is growing at a much faster pace than any 401K.

Sun Pacific Mortgage, a family owned and operated business since 1988, offers hard money trust deeds.  These opportunities are regularly emailed to our investors, with enough information to make an informed decision regarding risk and profit.  If you are interested in turning your slow-growing 401K into a turbo charged retirement fund, give us a call at 707-523-2099!

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

July 18, 2019

Racing To Get You Fast Loans Even When Turned Down Elsewhere

This Home Buyer Was Turned Down Less Than 1 Week To Close of Escrow.  Below is the thankful Realtor’s testimonial:

“A guy in a white cowboy hat was boarding a plane in Seattle when he 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 now Tuesday). He responded, ‘Well Little Lady, I will get right on it’.

“The Sun Pacific Mortgage Posse sprang into action! Loan docs were in Title less than 24 hours later and [it is] closing today – the must Friday closing. WELL DONE Sun Pacific Mortgage. AMAZING JOB!”  Realtor, S.F.

In just 3 days, this Petaluma home buyer who needed a rush loan of $480,000 had her money in hand!

Call us at 707-523-2099 or email us back with your scenarios. We work with many realtors and other brokers & lenders, helping Buyers and Borrowers get their loans approved and funded fast.

Difficult-To-Prove Income? We Have the Answer.

July 16, 2019

Difficult To Prove Income We Have The Answer

Self-employed borrowers have always had a difficult time proving their credit worthiness; however, there is a solution.  Despite the roll-back on mortgage regulations, there is a product known as an “alternate documentation” loan, which has helped potential homeowners overcome this obstacle.

Let’s look at a variety of situations which might make income verification difficult: 

Today’s economy has forced many people to work more than one part-time or even full-time job.  Often, these jobs do not offer a steady flow of income and make their financial picture look a bit “fuzzy”.  Perhaps the additional job is consulting or driving for Lyft/Uber and the income is erratic. For these borrowers there are private lenders who are willing to support their real estate investments.

Rather than require documentation such as pay stubs, W-2 forms or 1099’s, these lenders will ask for bank statements covering a specific number of months.  Sun Pacific Mortgage, a long-time hard money company in California, offers several programs that require only 4-6 months of bank statements to qualify. This documentation along with the verifiable value of the property, are the main qualifications to acquire a home loan. 

With a Hard Money real estate loan from Sun Pacific Mortgage, even bad credit scores are not a stumbling block to home ownership.  If your ability to repay the loan can be verified and there is enough value in the property – or you have a decent down payment for a purchase – most borrowers will be able to obtain a mortgage from us.  

Give us a call at 707-523-2099 to quickly determine your eligibility. 

We have helped thousands of potential homeowners over the past 31 years when they had given up hope.  We look forward to helping you or someone you know, get a home loan or refinance today. 

Turned Down Elsewhere? We Can Help Get You Fast Loan Approval!

July 11, 2019

Loan Turned Down Elsewhere We Can Help

Despite being turned down by other Underwriters or Lenders, get fast approvals and funding of loans here!

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

Call us today at 707-523-2099 or email us back with any scenario.  We will you know quickly what we can do for you!

 

Recently Turned Down Loans 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;

 

$480,000 – Owner Occupied Purchase Loan
Petaluma, Sonoma County
3 Days To Complete
Turned Down In Last Week of Escrow By Other Lender’s Underwriter

 

$330,000 – Owner Occupied Refinance
Northridge, Los Angeles County
16 Days To Complete
Self Employed, Difficult To Prove Income

 

$700,000 – Non-Owner Refinance For Business Purpose
Pacifica, San Mateo County
10 Days To Complete
Credit Issues So Was Unable To Get Loan Approval Elsewhere

 

$580,000 – Owner Occupied Bridge Loan
Cotati, Sonoma County
11 Days To Complete
Wanted A Fast Loan So Wouldn’t Lose Out On Another Purchase

Using Home Equity and a Hard Money Loan for Debt Consolidation

July 9, 2019

Using Home Equity And A Hard Money Loan For Debt Consolidation

Assuming you have enough equity in your home, accessing it to pay off much higher consumer debt is a viable and cheaper alternative.  Paying off high-interest credit cards or high-rate loans with a lower-interest home loan makes sense for many borrowers. However, as with any choice, there are Pros and Cons to be considered.  Let’s look at each:

Pros:

  • You will have one payment instead of many smaller credit card payments.
  • You will know when your debt will be paid off.
  • Even with a hard money loan, your interest rate will be lower.
  • Your interest rate will remain stable throughout the life of the loan.
  • Hard money loans can be obtained in less than 30 days.

Cons:

  • Your home becomes collateral.
  • You want to know the lender fees and closing costs associated with a new home loan.
  • If you do not stop using your credit cards (or have a more efficient way of tracking use and monthly paying them down) you run the risk of falling back into debt again. 

Bottom Line:

Even if your credit score is “in the tank”, Sun Pacific Mortgage, a reputable hard money lender in California for 30+ years, can offer you a solution to improve your financial health.  

We make our decision regarding credit worthiness based on your ability to pay back the loan and the amount of equity in the real estate being used as collateral.  Give us a call at 707-523-2099 to discuss your situation and possible solution to high interest consumer credit.

Don’t Get Caught Up in the Drama du Jour – Real Estate Stability

June 26, 2019

Real Estate Stability

Lately, we have seen the financial media spouting fear, uncertainty, drama, and doubt.  Wall Street sends us on a roller coaster ride every day, while the Everyman continues to go to work, get the same paycheck, pay the bills and largely tries to ignore all the drama.  This explains why investing in Main Street has proven to be so attractive. 

While stock prices are on a dizzying ride, the real estate market offers some modicum of stability.  Real estate’s resilience isn’t invincible, just consider the pain of the 2008 market, but investors in real estate can usually react in time to avoid disaster.  These investors continue to collect their passive income and acquire equity, untouched by all the drama on Wall Street.

Watching macro-trends is still vitally important to any investor.  These provide clues about long-term patterns and warn of systemic breakdowns.  Staying abreast of market fluctuations makes for a successful investor.

The Wall Street roller-coaster ride may be exciting for the young and daring, but most folks want stability, ease, and the ability to keep ahead of real-world inflation.  This is the main reason income-producing real estate is so attractive right now. 

Renters, coming to the realization that they are paying someone else’s mortgage, not their own, are entering the home buying market in increasing numbers.  With prices stabilizing and inventory inching up, home buyers are beginning to look once again at becoming homeowners. In addition, some existing homeowners are taking the appreciation gained over the past several years and investing in a rental unit.  It behooves Realtors and Lenders to relay this to their potential clients. 

Don’t want to deal with the messy issues involved in being a landlord?  Perhaps, you might want to consider becoming a private investor in hard money loans.  In this scenario you achieve passive income on your investment but avoid the “landlord blues”.  Your money is much safer with real property and, if borrowers are vetted well, you can rest easy that your hard-earned money is safely preserved and producing more than the normal return interest for you.

Sun Pacific Mortgage is a family owned and operated hard money lending business.  We have been in business for 31 years and enjoy a sterling reputation with our investors and our borrowers.  

Brokers & Lenders, Realtors and potential Investors feel free to give us a call at 707-523-2099 to discus the various ways we can assist you in increasing your success rate or diversifying your portfolio. 

You can also find out more about what we offer and how you can work with us on our website at www.Sunpacificmortgage.com 

Hard Money Lenders

June 12, 2019

Hm

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

Hard Money Loans Recently Funded

We Offer FAST Financing, Big Loans, we can Finance Despite Credit Issues, Property Condition & Difficult-To-Prove-Income.

$500,000 – Non-Owner Purchase
Saint Helena, Napa County
6 Days To Complete!
Owned “too many” properties so needed our program.

$1,300,000 – Temporary Refinance For Cash-Out
Perris, Riverside County
19 Days To Complete
Wanted extra down payment for another investment purchase.

$500,000 – Business Purpose Primary Residence Refinance
Mill Valley, Marin County
14 Days To Complete
Needed fast cash for business capital.

$454,000 – Non-Owner Refinance
Granada Hills, Los Angeles County
23 Days To Complete
Had Difficult to prove income.

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