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Thinking of Renovating? Buckle up!

Thinking Of Renovating Buckle Up Hard Money

Renovations have been known to lead to many unforeseen disasters, but it doesn’t need to be that way.  With the proper preparation and due diligence, pretty much anything can be avoided. We have all heard the horror stories of living a totally upended life during a renovation, and of timelines being ignored by professional contractors.  If you are contemplating a renovation, the suggestions listed below may save your “mental health” and your wallet:

Make Living Arrangements Well In Advance:  For larger renovations the ideal solution would be to check into an extended stay hotel or move in with family or friends for the duration.  If that is not feasible, or the reno is smaller, find a space out of the way of the construction to make your meals and/or “hide” for your sanity.  Take-out sources may become your new BFF during this time if you have a kitchen reno on your list.

Protect Yourself With A Detailed Contract:  If you go into renovation with a contractor without a specific and detailed contract, you risk finding the project stalled or worse.  This contract should include the address, a start date, a completion date, and details of what is and is not going to be done. As an additional incentive, you might add penalties for not meeting required deadlines.

Keep All Your Receipts:  Hold on to every receipt related to the reno in case you need to return the item.  These receipts will come in handy at tax time or at the time of resale.

Organize And Remove Items: Box and store items from the cabinets and closets.  Labeling will save you from hunting for things during the reno and help you to unpack later.

Save Décor Ideas In A File:  While some of your décor items may still be useable in the new space, you may want to freshen-up the visuals with a new look.  Gather any idea or picture that offers an inspiration for your “new look” and keep them in a file.

Protect Against Dust, Debris, and Damage:  Take down or cover any items you cannot move with a protective tarp or sheeting.  Do your own damage control, don’t depend on your contractor.

Following these few steps and advice hopefully saves you time and your sanity, during one of the most stressful experiences homeowners live through.

Hard Money – More Of The Short Story

Jpeg 2 What Is Hard Money…. Hard Money Loans Are Funded By Private Individuals. It Is Not Money From A Bank. The Loans Are Used To Handle A Problem In The Profile Of The Borrower. They Are Usually Short Term (1 To 5 Years) And Can Be Funded Quickly.  We Have Over 500 Individual Investors Who Invest Through Us.

WHAT IS HARD MONEY…. Hard money loans are funded by private individuals. It is not money from a bank. The loans are used to handle a problem in the profile of the Borrower. They are usually short term (1 to 5 years) and can be funded quickly.  We have over 500 individual Investors who invest through us.

There are just 2 main qualifications:

  1. Equity or decent down payment;
  2. Ability to repay the loan.

HARD MONEY LOAN PROGRAMS….

Here are our 4 most popular hard money loan programs – Purchases and Refinances:

  1. Non-Owner Occupied/Investment property
  2. Owner Occupied/Primary residence (short-term and long-term)
  3. Commercial
  4. Land

 

Why Hard Money – BRIDGE LOAN….   A borrower referred to us by a Mortgage Broker needed fast financing to buy a new family home.  He had a rental with good equity that he could use to borrower a large down payment. We did an $878,000 cash-out Hard Money loan on the rental and he quickly closed on the new family home.  He plans on refinancing to a Bank loan within 6 months. That family is very happy!

Hard Money = Bad Money? Not So!

Hard Money Bad Money Not So

Sure, there was a time when hard money lenders might have been viewed as predators, but these business owners have always been in the minority and have never lasted long.  Sun Pacific Mortgage has been in the hard money business for 31 years. You don’t survive and prosper without a loyal following of investors and clients won by demonstrating integrity and transparency.   

Hard money lenders are a solid source of funding for all real estate investments that fall short of conventional lending requirements.  Here are some of the facts experts might not share with you regarding hard money.

  • Hard Money Is a Legitimate Business  

Hard money lenders are actual businesspeople. They are no different than a bank, because essentially, they lend money.  Hard money lending is a legitimate business, not some underworld operation. With hard money, you eliminate much of the bureaucracy that is involved with a bank.  With hard money lenders, it’s just you, your deal, and the judgment of the lender to determine your ability to repay the loan.

  • Hard Money Just Means the Loan Is Backed by a Real Asset

The word “hard” just means “asset”.  When you borrow money from a hard money lender, he secures his interest with collateral, in our case, that is real estate.

  • Hard Money Equals Significant Profits for Investors

Without a doubt, hard money lenders do charge higher than average rates.  The rates at Sun Pacific Mortgage can run between 9-14% depending on several factors, including the property and the borrower’s situation.  Because investors are taking a risk with their money, they need to protect themselves, thus the higher rate.

  • Legitimate Businesses Use Hard Money Also

Just because a business may not be able to get a loan from a bank does not mean they are not “bank-worthy”.  The strict guidelines that govern banks and other lending institutions may be a stumbling block to small business owners.  Hard money can be obtained through programs available at Sun Pacific Mortgage allowing business purpose loans to be borrowed against real estate investments.

  • Hard Money Lenders Won’t Finance 100% of the Loan

When you have “skin in the game” lenders know their interests and yours are protected.  Neither of you want to lose your money. Most lenders like to see at least 70% LTV (Loan to Value) in any loan they make.

Bottom Line:  Hard Money Lenders have been around for many years, and the less than honest ones don’t last long.  You can be sure that Sun Pacific Mortgage, a family owned and operated hard money business with 31 years and thousands of happy clients and investors is one of the “good guys” that can be trusted to perform as promised.

 Top Reasons For Hard Money This Summer

June Promo 1 2 Call Today 707-523-2099 And Let Us Help You Or A Client Take Advantage Of Our Top Reasons To Use Hard Money This Summer!

1. It’s Fast!
We have done many refinances and purchase loans in less than a week.

2. Only TWO main qualifications for a Hard Money Loan!
A. Equity or a decent down payment.
B. An ability to repay the loan (source of income).

3. Credit Score not generally a factor!
Do you or a client have FICO issues? We can still help.

4. Financing programs available for multiple types of scenarios!
We have loan programs for:  Non-Owner/Investment Properties, Owner Occupied/Principal Residence, Commercial and Condominiums.

5. We finance larger loans!
We can fund up to $1.5 Million for a refinance or purchase.

 

 

Call Today 707-523-2099 and let us help you or a client take advantage of our top reasons to use Hard Money this summer!

 

Four Things Parents Should Consider Before Buying a Home

Four Things Parents Should Consider Before Buying A Home

Parents shopping for a home have different considerations than other demographics.  As parents, their primary concern is the safety and well-being of their children, at the same time, they are also concerned with the happiness of the entire family.  

Most buyers start their home search with a list of “must-haves”.  When children are a concern, there are some additional factors to be considered.  While they may seem obvious, it is tempting to forget them when under pressure to find a home quickly, or when you discover a fantastic feature in a home that you “can’t live without”.  The following are some of suggestions to keep in mind as you look for your next family nest:

  1. Placement of the bedrooms:  Depending on the age of the children, you might want them on the same floor as your master bedroom, or if you have older children, you might opt for more separation.
  2. Yard placement:  Most parents want the visibility to observe their children at play in the yard.
  3. Walking distance to amenities:  Life will be easier if you can avoid or shorten car trips to deliver children to their activities and their schools.
  4. Neighbors:  This is a vital part of any parent’s concern.  It makes sense to check out the neighbors who live nearby.  There are helpful websites to access, like Megan’s Law, and simply meeting the neighbors before purchasing, may be reassuring.

When all is said and done, life will be less stressful after the move if these considerations are part of the decision making.

We are excited to announce our hot summer Hard Money loan programs!

We Are Excited To Announce Our Hot Summer Hard Money Loan Programs!

Program Attributes:

– Fast Funding – Many closed in less than 5 days

– Loans from $150,000 to $1.5 Million

– All property conditions accepted

– Difficult-to-prove income and FICO scores not an issue

– Can finance investment properties and primary residences

– We finance purchases and refinances

 

Make us your first and favorite Hard Money Lender.
We have serviced all of California since 1988!

 

Call us today at 707-523-2099 or email us back with any scenario.
We will let you know quickly how we can help!

 

Why Do Most People Invest in Rental Real Estate?

Why Do Most People Invest In Rental Real Estate

With Spring comes an uptick in serious buyers looking to invest in property, each with their own agenda.  Among the most common reasons buyers will tell you that they have chosen this type of investment, five stand out as most common:

  1. Cash Flow: Buyers are looking for a monthly cash flow.
  2. Equity:  Buyers are counting on selling the property for more than they paid for it.
  3. Debt Paydown:  The tenant who will be living in the property will be the ones that are paying down the mortgage for you.  In ten, twenty, thirty years from now, you have a property that has been paid off by a tenant. You then own an asset that will still be producing income.
  4. Depreciation:  Buyers are able to depreciate the property for tax purposes (after consulting a tax accountant).  Being able to depreciate your asset over time is a big advantage in offsetting income.
  5. Appreciation:  This is the Big One! When all is said and done, the result homeowners are counting on above all else is Appreciation.  In the West we have seen an impressive appreciation over the past several years. Property ownership remains a major contributor to individual wealth.


When we think about the home where we grew up, and consider what it was worth thirty years ago, if we had kept it all these years, we would probably be very wealthy!

If you find yourself in a position that does not allow you to qualify for a traditional loan currently, consider alternative financing.  Sun Pacific Mortgage offers many programs that can make real estate investing possible when it looks hopeless. Our hard money loans are often used to purchase rental properties until a conventional loan becomes possible.  We await your call at 707-523-2099, we are here to help.

Recently Funded – Let’s Crush Summer Together!

Hulk Summer 1 We Can Crush Those Slow Loan Approvals And Overcome Loan Disapprovals With Our Hard Money Programs!

We can CRUSH those slow loan approvals and overcome loan disapprovals with our Hard Money programs!

Let us help you overcome all your summer alternative financing needs for real estate purchases and refinances. Read below to see some of our recently funded loans.  

And Call Us today at (707) 523-2099 to see how we can help you, a friend or a client!

 

Recently Funded

Single Family Houses, Condos, Principal Residences +

Multi-Family Units, Commercial & Office

$341,000Cazadero, Sonoma County
Non-Owner Refinance
55% Loan to value

$690,000 Petaluma, Sonoma County
Non-Owner Purchase
53% Loan to value

$647,000 Simi Valley, Ventura County
Owner Occupied Refinance Temp
73% Loan to value

$550,000Monte Rio, Sonoma County
Owner Occupied Temp
51% Loan to value

$668,000 Santa Rosa, Sonoma County
Owner Occupied Purchase
77% Loan to value

$265,000 Riverside, Riverside County
Non-Owner Refinance Business Purpose
65% Loan to value

Why Are Millennials Buying Now?

Why Are Millennials Buying Now

A recent study of Millennial buyers examined the reasons they are choosing to buy a home at this time.  Here are the results:

1. To Control their Living Space – 93%

Many a renter has dreamt of painting their space to reflect their personal style. Some Millennials yearn for a pet they are prohibited from owning because of rental agreements. They have gotten to the place where they don’t want to wait any longer for these dreams to be fulfilled.

2. To Have a Sense of Privacy – 90%

Security has new meaning for everyone these days, so it is no surprise that it ranked #2 in this poll.  We all want control over who enters our home, and how we can secure it.

3. To Live in a Nicer Home – 81%

Similarly to point #1, when you purchase your own home, you can renovate to suit your style, as well as accommodate for a growing family or a member who may need to move in.

4. To Feel Part of a Community – 75%

Because your home value is linked to the community and neighborhood in which you live, owning is a powerful motive to engage in civic activity.

5. To Have Flexibility in Future Decisions – 53%

Rather than see their rent money increase the financial well-being of their landlord, Millennials are seeing their housing investment as a savings account that may be available in the future to support themselves.

The recent article in Keeping Current Matters  sums up the findings by stating:  “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons – including control of living space, flexibility in future decisions, privacy and security , and living in a nice home.”

It’s definitely a good time for millennials to get pre-qualified to buy a home. Locate your local, licensed and experienced Lender to assist you with this. Get out there any buy this summer!

As always, if you’re self-employed, turned down by the banks, or in need of special financing. Contact Sun Pacific Mortgage & Real Estate for a free consultation at (707) 523-2099.

Set Up Your Summertime Financing – Loan of the Week

1 “ Did A Fantastic Job. They Were Honest, Straightforward, To The Point, Loyal To The Borrowers, And Got Me A 24-Hour Turnaround From Docs To Having A Full Package! They Were Very Professional And Loyal To Their Word.  I Would Recommend Anyone To Go There For Business!” C.m.

“[Sun Pacific] did a fantastic job. They were honest, straightforward, to the point, loyal to the borrowers, and got me a 24-hour turnaround from docs to having a full package! They were very professional and loyal to their word.  I would recommend anyone to go there for business!” C.M.

Santa Rosa Rush Purchase

A local Mortgage Broker called us about a client of his who’s loan process was not getting approved quick enough – his Buyer was running out of time.

They were looking for a rush interim loan. We quickly got onto it!

The Borrower wanted to purchase a $562,000 investment property in Santa Rosa and was coming in with about 35% of his own money.  Within 24 hours we had loan approval.  In just 10 more days we had a very happy Borrower and very appreciative Broker, as money was in hand!

If you need any help with fast financing this summer, we’ve got your back!  Call Today at 707-523-2099 so we can help with our Hard Money programs.

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