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Loan of the Week – Trustworthy Approvals

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Get Loan Approval Despite Being Turned Down!

If you, a client or friend are having issues getting home loan approval OR you just want fast financing, then let us help with our Hard Money loan programs!

We have been in business over 32 years, providing help to thousands of borrowers and assisting hundreds of Realtors & Mortgage Brokers with their clients’ alternative financing needs.

Let us help you now too, as we were able to assist the borrowers below:

Loan of the Week

We recently received a call from a referring Broker, asking if we could perform one of our “miracles” for his clients.  This couple was trying to purchase a new home, but the husband was self-employed and having difficulty getting final loan approval.  The couple had less than 10 days to perform or the home sellers could pull out of contract; They needed to come up with the necessary down payment immediately.

One of our specialties here at Sun Pacific Mortgage is fast turnarounds.  In this case, the Bridge Loan of $431,000 with an LTV of 64% was approved within 36 hours and funded in 8 days!  The relieved Broker and very happy couple were able to complete the purchase of their new home in Sonoma County.

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

California Homeowners Are in the Driver’s Seat

California Homeowners Are In The Drivers Seat

If you have been considering a move up or buy your first-time home, consider this the optimal time to make the investment!  While today’s homeowners have been staying in their homes longer, equity has been building, and when equity grows, selling a house becomes increasingly desirable.  This equity can now be applied forward to the purchase of a new home.

According to Q2 2020 U.S. Home Sales Report:

“The latest figure, based on median purchaser and resale prices, marked yet another peak level of raw profits in the United States since the housing market began recovering from the Great Recession in 2012.”

With the “work-from-home” opportunities presented since the beginning of the pandemic, you might have been taking a looser look at how well your present home fulfills your new needs going forward.  Additionally, those with kids who are faced with distance learning for this 2020-2021 school year, have to figure out extra space for undistracted school work to be done.

Many California homeowners are considering accessing the equity in their homes to make a move to a home that better accommodates their new circumstances.

This need for more appropriate living conditions has spawned a group of buyers who are not just talking about looking for a new home, they are actively engaged in the buying process.  The Covid-19 crisis and the record low mortgage rates have converted some prospective buyers into active buyers.  Millennials are driving this market rush according to Keeping Current Matters:

“Of Millennials planning a home purchase in the next year, 57% are actively searching for a home.”

Especially here in the North Bay, we have seen a growing number of interested buyers looking for a simpler, quieter way of life which offers more   more affordable housing than the South Bay or San Francisco.

Bottom Line:  If you have considered taking advantage of your built-up equity and wish to improve your present living arrangements now that you are spending more time at home, this is the time to sell.

If you need a fast close or are just shy of qualifying for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099.  We have helped thousands of buyers just like you for over 32 years.

Breaking News – Recently Funded!

First Sept Promo

Easy Loan Approval With Hard Money!

Breaking News: Are you running into difficulties with loan approval because your client is self-employed, has difficult-to-prove income, poor credit, needs fast cash or being turned down for some other reason?

Our Hard Money loan programs do not have any new regulations. We have the same main 2 qualifications for over 30 years now:

1. Good equity and 2. Ability to repay (source of income).

That’s basically it.  Easy!  Call today 707-523-2099.  We’ll quickly let you know what we can do to help you and/or your client!

Recently Approved & Funded

Loan Program:  Non-Owner-Occupied Refinance
Loan Size: $1,0250,000
Days to Finish: 22
Location:  Santa Rosa, Sonoma County
Why Came To Us:  Property was mid construction so didn’t qualify for other financing.

Loan Program:  Investment Property refinance
Loan Size:  $320,000
Location:  Santa Clarita, Los Angeles County
Days to Close:  16
Why Came To Us:  Had difficult to prove income as was self-employed.

Loan Program:  Owner-Occupied Temporary Refinance
Loan Size:  $540,000
Days to Finish:  22
Location:  Oakland, Alameda County
Why Came To Us:  Poor credit and wanted to consolidate debts to improve this.

Loan Program:  Primary Property Refinance
Loan Size:  $560,000
Location:  Truckee, Nevada County
Days to Close:  24
Why Came To Us:  Needed fast cash as down payment on an investment property.

California Real Estate Remains Best Long-Term Investment

California Real Estate Remains Best Long Term Investment

For the seventh year in a row, Gallup is reporting that more Americans prefer real estate over other long-term investments as a vehicle for wealth growth.  The total numbers align like this:  35% prefer real estate, 21% prefer stocks, 17% CDs/bank accounts, and 16% prefer gold.

The Gallup Poll goes on to state:

“Americans have become less likely to view stocks or mutual funds as the best long-term investment after U.S. markets dropped by more than a third as the economic implications of the coronavirus outbreak set in last month.”

The obsession with the stock market took a hit with the dot-com bubble crash of 2000.  This event sucked the enthusiasm out of Americans’ ideas about investing in that market, however, and they have been mostly negative — and mixed at best — since.

Real estate was and is the No. 1 tangible investment and generally a safe haven for all, especially when financial markets take a plunge.  Billionaire Andrew Carnegie famously said that “90% of millionaires got their wealth by investing in real estate.”  We wanted to know:  Is this still true?  Is investing in real estate still a good idea?

According to nine Advisors in The Oracles, who made millions by investing in real estate, the answer is a resounding yes.  One of the advisors stated:

Most millionaires I know made more money from owning real estate than any other investment. Real estate consistently increases in value over time and outperforms other investments.”

Investing in real estate allows you to better protect yourself and your wealth. While it is true that the California real estate market has gone up and down, it has never had a long decline and just continues to maintain its current strength, despite the recent pandemic. Compare that to when Wall Street collapsed or currencies that aren’t backed by anything tangible.

It’s always a good time to buy real estate. In fact, the real wealth is made by buying when everyone else is selling and vice versa. While many are talking about a recession, the California real estate market is strong, with increasing prices and transactions throughout this sunny state!

If you would like to start on a secure path to wealth without the hassles, think about investing in available Deeds of Trusts through Sun Pacific Mortgage.  We offer California Notes with a higher return up to 13% on your investment.  Give us a call at 707-523-2099!

Breaking News – Loan of the Week

Breaking News Turned Down

We Help Despite Being Turned Down Elsewhere!

For any client who is trying to refinance, buy a house or pull cash out but needs this done fast or is having difficulty elsewhere, we can help!

Our Hard Money loan programs provide faster than usual funding AND can help those turned down elsewhere for FICO issues, difficult to prove income, property condition, etc.

Let us help you as we helped the borrower below:

Loan of the Week

A home owner in Santa Clara County reached out to us, desperate to save their home from being repossessed by the bank and needed to refinance their present loan for over $1million immediately.  They had over 50% equity in the home so this was not an issue for us.

Within two weeks we were able to get them a hard money loan, allowing them to not only keep their family home but also do the needed debt consolidation so they could start fixing their credit.

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

Are California Buyers Still in Bidding Wars?

Are California Buyers Still In Bidding Wars

Because of the lack of inventory that still exists in California real estate markets, sellers remain in the driver’s seat.  At the beginning of the pandemic, in early March, there were many who feared that this recession would trigger a repeat of the 2008 real estate debacle.  By May, the real estate market surprised the economists by remaining stable, and even growing.

Looking at Southern California for the month of May, for example, there were 6 out of 7 counties that saw increases in the both the number of homes sold and in the average selling price.  These counties included:  LA, Orange, Riverside, San Bernardino, Santa Barbara, and San Diego.  The only county to drop in average selling price, and only by 1.2%, was Ventura County.

Today, housing is truly driving the U.S. economy forward.  Because there are so few homes to purchase right now prices are rising, a natural consequence of the “supply-and-demand” principle.

Chief Economist at realtor.com, Danielle Hale explains:

“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with{a limited} number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”

We saw this happen in San Francisco during the month of July, where out of 163 single-family homes that sold, 89 sold over asking price.  Another statistic stated that 42% of homeowners who made a purchase from the period January to May ended up in a bidding war.

The lesson here for prospective buyers this summer is to have your “ducks-in-row”.  Hire a trusted local real estate expert to help you navigate those muddy waters out there.  Additionally, get pre-approved for a mortgage.

If you find that you fall short qualifying for a conventional loan, or you need a loan fast (like in a week), give Sun Pacific Mortgage a call at 707-523-2099.  We are a family owned business licensed and operating in California for over 32 years.  Our private investors finance your real estate projects.   We can get you qualified quickly and have funds in your hands with lightning speed, allowing you to make a solid offer on your real estate purchase or refinance. During these incredibly competitive days in the world of real estate, that is a significant step up when bidding on property.

Recently Funded – Less Hassle Here

Broker And Broker Loan Approved

Less Hassle For Loan Approval With Us!

Wish you could get your client’s loan approved for their purchase or refinance?

If you are running into difficult underwriting regulations or client has difficult to prove income, property condition isn’t that good or their credit has some issues – we can still help with our alternative financing programs, known as Hard Money.

Call today 707-523-2099 or email your scenarios and we will let you know what we can do to help!

Recently Approved & Funded

Loan Program: Non-Owner Occupied Refinance
Loan Size:  $320,000
Days To Finish:  16
Location:  Daily City, San Mateo County
Why Came To Us:  Difficult to prove income as self employed.

Loan Program:  Investment Property Refinance
Loan Size:  $750,000
Days To Fund: 9
Location:  Santa Clarita, Los Angeles County
Why Came To Us:   Looked for fast capital for business investment.

Loan Program:  Investment Property Refinance
Loan Size:  $276,800
Days to Finish:  21
Location:  Seaside, Monterey County
Why Needed Us:  Property needed fix-ups; Buyer wanted to flip this house.

Loan Program:  Primary Property Refinance
Loan Size:  $560,000
Days To Fund:  15
Location:  Concord, Contra Costa County
Why Came To Us:  Wanted to do debt consolidation to improve credit.

Recession? Yes, California Housing Market Crash? No

Recession Yes California Housing Market Crash No

The National Board of Economic Research (NBER) has announced that the U.S. economy is officially in a recession.  To which most of us would respond, “No kidding!”  The Bureau defines a recession like this:

A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators.”

We are all very aware of the consequences to the economy since this shutdown.  There is, however, a vast difference between this recession and the last one a decade ago with regards to the housing industry!

Mark Fleming, Chief Economist at First American, explained the situation thusly:

“Many still bear the scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak.  But there are distinct differences that indicate the housing market may follow a much different path.  While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Taking into consideration our home state of California, what factors are present that make the difference between this recession and the last one?  We can look to four major reasons:

  1. Families generally have larger sums of equity in their homes.
  2. We have a shortage of housing inventory.
  3. No more irresponsible lending practices.
  4. Home price appreciation is not out of control.

It is good to remember that in three of the four previous recessions before 2008, home values appreciated.  It is the consensus of the experts that this time the housing industry is far better positioned to ride out the storm – and even come out stronger in the end.

And for both Northern California and Southern California real estate markets, values have slightly dipped but are already on their way back up to pre-pandemic.

So, get out there and connect with your local licensed Lender to get pre-qualified for a purchase and connect up with your local Realtor to find you that perfect home.

Best, Broker – Another Guy in the White Hat

Recently Funded – Have More Clients Now!

July New Promo

Stop Turning Away Clients!

We’ve become expert at the packaging of loans for “Turned Down Elsewhere” Borrowers and getting them approved & funded – fast.

Our unique Alt-A Hard Money Programs with rates as low as 6.5% is quite popular, allowing us to be a resource to handle almost any Borrower profile that is less than “A” quality.

So, think of us first for those clients you were otherwise going to turn away or for those Home Buyers who are having trouble with loan approval.  Call us at 707-523-2099!

Recently Approved & Funded

Loan Program:  Primary Residence Refinance
Loan Size:  $400,000
Location:  Belmont, San Mateo County
Days to Finish:  21
Why Needed Us: Wanted fast capital for company.

Loan Program: Investment Property Refinance
Loan Size:  $325,000
Location:  Santa Clarita, Los Angeles County
Days to Finish:  16
Why Came To Us: Wanted to improve property condition with repairs.

Loan Program:  Primary Property Refinance
Loan Size:  $419,000
Location:  Windsor, Sonoma County
Day To Finish: 21
Why Came To Us:  Recent divorce debts to handle and improve credit.

Loan Program:  Primary Residence Temporary Purchase Loan
Loan Size:  $488,000
Location:  Oakland, Alameda County
Days to Finish:  19
Why Came To Us: Was self employed with difficult to prove income.

Summer Is the Time to Sell in 2020

Summer Is The Time To Sell In 2020

In the past years the spring housing market was the beginning of the selling season.  However, like it is in other States, because of the recent stay-in-place orders and the safety concerns, this year the California real estate season has shifted to the summer.

What does that mean for both sellers and buyers up here in the North Bay areas?  There is good news on both fronts!  As the Chief Economist for the National Association of Realtors stated:

“In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures.”

New listings are on a slower – but steady – path to recovery as we move into warmer months.  As a seller, including your home in the mix may be your best opportunity to sell.  Interest in your home may be higher than you think with inventory so low.

Buyers appear to be more confident than sellers as we enter into the summer.  They seem more ready to make up for lost time from the traditional spring market.

Dissatisfaction with homes after being quarantined for several months is motivating buyers to brave the social distancing restrictions and explore better solutions to their living arrangements.  Your for sale house may be the solution to their problems!

Sonoma County and other parts of the Bay Area are beginning to see a turn in the market.  Prices have remained relatively stable throughout the pandemic, and some areas are actually seeing multiple offers.  So, call your realtor, Sellers.

Buyers who need a competitive edge for their offer, can call Sun Pacific Mortgage at 707-523-2099 to apply for a fast, temporary hard money loan that will get you into your new home quickly and easily – even if you have poor credit, difficult to prove income, etc.

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