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Loan of the Week – Stop Turning Clients Down

July 16, 2020

Ft And Kw Feb

If Turned Down Elsewhere We Can Help!

We developed the idea of helping Borrowers who were “Turned Down Elsewhere” over 32 years ago.

With Hard Money financing, just picture what we can do for you and/or your Borrower: Get that loan funded!  And fast! 

There’s that Borrower who has something in their profile making them less than “A” quality, thus not qualifying for conventional financing. Maybe it’s a little thing, maybe it’s something really bad.  Whatever it is we have probably encountered it and then solved it in the thousands of transactions we have done over the past 3 decades – such as the following:

Loan of the Week

We received a request from a Mortgage Broker who had a self-employed Borrower that was having difficulty getting approval due to debt to income ratios.

By this time, the Borrow was looking for fast financing to purchase a rental property in Sonoma County and secure the loan for 2 years.  He needed a very quick close or he would lose the opportunity.

In short order we had this $449,00 loan approved and they closed escrow in 16 days! Happy Broker and happy borrower who was previously turned down elsewhere.

We are available to help at 707-523-2099.

Look for a Rebound in the Housing Market

July 14, 2020

Look For A Rebound In The Housing Market

A hopeful sign of the economic recovery was reported by The National Association of Realtors (NAR) last month when they found that pending home sales increased by 44.3% in May.  This statistic registered the highest month-over-month gain in the index since NAR started tracking this metric in 2001.

According to the Pending Home Sales Index (PHS):

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos and co-ops.”

The reason this statistic is so important is because with the shutdown of the economy in March, we saw a two-month decline in the number of homes that went into contract.  With this jump in May, it indicates that buyers are back in the market and purchasing homes right now. California is one of those states were real estate has picked up and continues to increase with homes coming on the markets from northern California counties such as Sonoma and Marin on down to central coast areas like Monterey and Santa Barbara on down south California to Orange County and San Diego.

According to Lawrence Yun, Chief Economist at NAR:

“This has been a spectacular recovery for contract signings and goes to show the resilience of American consumers and their evergreen desire for homeownership…”

To continue this upswing, however, we need to see an increase in the number of new homes being built.  This will help combat the lower inventory supply we face today.

In Sonoma County we have seen the resurgence of homebuilding to offset the devastating loss of homes caused by the recent fires of the past two years.  It will be necessary for this building surge to continue to stabilize the housing deficit we have faced in this area for several years.

The experts seem to agree that this is an excellent time to sell or to buy property if you’ve been considering it!  Don’t wait.  Contact your local Realtor and if you need help with financing if you are being turned down elsewhere, give Sun Pacific Mortgage a call at 707-523-2099 to discuss your specific needs.  We are a family-owned business which has been in hard money lending for over thirty years and have helped multitudes throughout our long history.

Giving More Approvals – Recently Funded

July 9, 2020

Trusted Plain

We Make Home Loans Easier

You can get your new mortgage or refinance approved easier with us.

After 32 years of offering our Alternative Financing programs we can say with confidence our Hard Money loans are just easier, faster and have less qualification requirements than conventional and traditional financial institutions.

Call Today 707-523-2099 with any questions. We will reply quickly with what we can do to help.

Others Recently Helped by Us

Loan Program:  Primary Property Alternative Refinance
Loan Size:  $419,000
Location:  Windsor, Sonoma County
Days to Finish:  21
Why Needed Us: Loan Consolidation

Loan Program: Primary Residence Refinance
Loan Size:  $1,300,000
Location:  Perris, Riverside County
Days to Finish:  11
Why Came To Us: Wanted to consolidate existing loans and pay off other debts.

Loan Program:  Primary Residence Refinance
Loan Size:  $560,000
Location:  San Leandro, Alameda County
Day To Finish: 24
Why Came To Us:  Debt Consolidation

Loan Program:  Primary Residence Refinance
Loan Size:  $488,000
Location:  Escondido, San Diego County
Days to Finish:  19
Why Came To Us: Needed cash to invest in business

The Real Estate Market and the Rest of 2020

July 7, 2020

The Real Estate Market And The Rest Of 2020

The question on everyone’s mind is: “What is going to happen to the housing market in the second half of this year?”  After examining unemployment, real estate, and the economic climate, the experts are taking a second look at their previous forecasts.

Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

“The recovery in housing is happening faster than expected.  We anticipated a drop off in Q3.  But, we don’t think that’s the case anymore.  We revised our Q3 numbers higher.  We predicted a 2% decline in purchase originations in 2020, now we think there will be a 2% growth this year.”

Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April-during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

In summary, the economists and real estate experts are optimistic about the second half of the year.  And this applies to California!  So, if you were hesitant about pursuing your real estate plans earlier this Spring, you might want to start the ball rolling now that the California real estate market is showing signs of renewed life.  Counties like Sonoma, Marin, San Francisco, Los Angeles and even Santa Barbara are increasing their mortgage requests – showing that Home buyers are moving out in bigger quantities.

If you need help with securing a home loan and have been turned down by other mortgage agencies, give Sun Pacific Mortgage a call at 707-523-2099 to discover what solutions exist for your specific qualifying problem.  We have been in the hard money lending business for over 32 years with a great track record for helping our clients obtain alternative financing for their real estate investments, both owner-occupied and non-owner-occupied.

We Make Loans Simpler – See How Here!

July 1, 2020

Trust Honest No Covid

We Make Loan Approvals SIMPLE

Are you looking for a faster, smoother and less-regulated loan approval process?

With our Hard Money programs, we can help those turned down elsewhere, those just looking to speed up a refinance or even just get a fast mortgage.

Call us at 707-523-2099 or reply here with any questions. We hope to be able to help, as we did for the Broker and his client below.

Loan of the Week

A Mortgage Broker from Southern California referred his client to us who wanted to invest in a San Diego business but was having issues proving he made enough income.

The client and his wife just wanted to access the equity in their primary residence to pull out some cash for their business.  They needed 488K which would still present a decent 63% loan to value.  Within 20 days we were able to provide them with this financing they needed, and they couldn’t have been happier!

Sun Pacific Mortgage is known for our fast loans and integrity in dealing with our brokers and clients, which is a reason we have been in this lending industry for over 32 years.

We are available to help at 707-523-2099 or with an email reply.

Tapping Your Equity for Businesses Purpose Reasons

June 30, 2020

Tapping Your Equity For Businesses Purpose Reasons

Before beginning to explain how to use your equity, let’s define the meaning of equity.  In short, equity is the difference between the current value of your home and how much you owe on it.  For example, if your home is worth $800,000 and you owe $300,000, your equity is $500,000.

The great thing about this hidden treasure is that you can borrow against it to fund life’s big purchases, such as buying an investment property, remodeling your home, or starting a business.

Lenders will typically lend you upwards of 75-80% of the value of your home less the debt you still owe against it.  These percentages may have changed since the latest economic disruption, because there is concern that values may fluctuate a little.  But still it can be a strong investment and a smart move.

When buying investment property, there is a simple rule of thumb that is recommended: “Multiply your useable equity by four to arrive at the maximum purchase price for your investment property.”  Remember that besides the purchase price, you need to budget for purchase costs such as realtor’s fees and escrow fees among other expenses.

Even if you have plenty of equity, conventional lending companies will consider other factors such as income, credit score, property condition and additional debts.  However, a Hard Money Lender such as ours, Sun Pacific Mortgage, will make it considerably easier to qualify if you find it difficult to prove your income, have less than perfect credit scores, or are buying distressed property.

Ultimately, using equity to obtain business capital can be a smart move.  If you are seriously thinking about pursuing extra cash for home fix-ups, to buy an investment property or need business capital, give us a call at 707-523-2099 to discuss our various programs available to you.  We have helped, and even through the recent pandemic, are continuing to help hundreds of Californians just like you become wealthier through real estate.

Family Company – Here To Help You Get A Loan

June 25, 2020

Family Business Alterantive Financing

Turned Down Elsewhere For A Mortgage?

Are you running into stops or difficulties with loan approval? You won’t have these stops with us!

Our Hard Money loan programs have 2 main qualifications:

  1. Good equity or a decent down payment and 2. An ability to repay the loan.

Call us at 707-523-2099 with any questions.  We are happy to quickly let you know how we can help – as we were able to do for the Borrower below.

Loan of the Week

A Southern California Mortgage Broker referred his client to us who wanted to invest in a San Diego business but needed to access the equity in his primary residence to get this done.

The needed loan was in the amount of $488,000 which made it 64% LTV.  In just over 2 weeks we were able to get this loan to them!  They could not have more pleased when the escrow closed in such short order.

Southern California and Home Prices After Covid-19

June 23, 2020

Southern California And Home Prices After Corona 19

While it is still relatively early in the battle against this pandemic, real estate history does hold some lessons for us regarding what’s next for housing.

It is generally agreed that today’s economic downturn will not be another Great Recession that decimates local home prices.  Real estate had been on a roll up until March when we were instructed to hunker down.  At that time Southern California’s six counties’ median sales price was $550,000, up 6.8% in a year.  This data was based mainly on deals that were in progress before the “stay-in-place” order.

In early April, the market saw some discounting.  Zillow reported that the median asking price in Los Angeles and Orange County as of April 19 was $856,575 (down 7% in a month, but up 7% in a year).

Historically speaking, large upswings in California unemployment usually create downward pressure on housing values.  But unlike the past real estate fiasco in 2008, there was no oversupplied market propped up by unrealistic lending practices when we embarked on this event.

While this should have been a thriving homebuying season in 2020, we are instead seeing a limited supply of homes for sale.  The data for L.A.-O.C. for pending sales in mid-April were down 59% from last year.  But there are still plenty of Southern California house hunters lured by cheap mortgage rates and a view that this will be a brief economic downturn.

Most California economists believe that this painful episode in our history will be followed by a rapid recovery.  Mark Schniepp of the California Economic Forecast stated, “ A number of us believe there will not be very much of an impact on home sales, once we restart the economy again and people can get out to look at homes, both existing and new.”

So don’t be afraid, get out there and find your dream home or sell your current home to an anxious home buyer.

Based on an article from the Orange County Register

Tired of Being Turned Down? Loan Help Here.

June 18, 2020

June Art 1

Sick of being turned away for home loan assistance? Let us help with our alternative financing programs.

Our Hard Money mortgages are backed by real estate equity.  If you have good existing equity OR have a decent down payment then we can help you with a home purchase, maybe do a refinance for debt consolidation, get you additional cash for upgrades or that needed business capital, etc.

Call Today 707-523-2099 with any questions. We will quickly let you know what help we can provide you, a friend or family member!

Others Recently Helped by Us

Loan Type:  Primary Property Refinance
Loan Size:  $560,000
Location:  Concord, Contra Costa County
Days to Fund:  15
Why Needed Us: To pay off medical expenses and other debts.

Loan Type:  Primary Residence Refinance
Loan Size:  $320,000
Location:  South Gate, Los Angeles County
Days to Fund:  20
Why Needed Us:  Debt Consolidation.

Loan Type:  Investment Property Refinance
Loan Size:  $276,800
Location:  Seaside, Monterey County
Days to Fund:  21
Why Needed Us: Condition of property wasn’t good enough, looking to flip.

Loan Program:  Investment Property Refinance
Loan Size:  $750,000
Location:  Los Angeles, Los Angeles County
Days to Fund:  9
Why Needed Us:  Wanted fast capital for a business investment.

Second Half of 2020 Real Estate Market Looking Good

June 16, 2020

Second Half Of 2020 Real Estate Market Looking Good

Take a breath!  There’s good news ahead.  According to many economists we are going to start to see an economic rebound in the second half of this year.  Here’s a look at what some of the experts are saying:

Jerome Powell, Federal Reserve Chairman:

“I think there’s a good chance that there’ll be positive growth in the third quarter.  And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…”

Nonpartisan Analysis for the U.S. Congress:

“The labor market is projected to materially improve after the third quarter; hiring will rebound, and job losses will drop significantly as the degree of social distancing diminishes.”

These experts and many more believe that while we are certainly not out of the woods yet, there is light at the end of the tunnel.  They also agree it will be a bumpy ride for the next few months, but the good news is that they also agree the turnaround will begin sooner rather than later.

Buyers and sellers may have put their real estate and mortgage plans on hold during this planned shutdown.  However, as signs have started to pop up, the market is picking back up sooner than later!  The past two weeks in Sonoma County alone, there have been over 80 new homes put on the market for sale and both realtor and lender alike are busy with new home buyers.

If you’ve thought about selling or buying anywhere in California, now is the time to get going as it’ll just get busier and busier.

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