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What Happened With San Francisco and the Peninsula Real Estate?

What Happened With San Francisco And The Peninsula Real Estate

According to one of the recent reports on the real estate market in San Francisco, the average sale price in September for a single-family home was $2,091,655, an increase of $251,312 over August.  The average days on the market was 28. The inventory of properties for sale in San Francisco as of October 5, 2019 was 1174. This number included 317 single-family, 666 condos, and the balance multi-unit properties.  

There was a total of 354 properties sold in September and an inventory of 3 months remaining. This figure represents a strong Seller’s market, which has been the reality for many months.  Of the 317 homes sold in September, 25 homes sold below asking price, 6 homes sold for asking price, and 91 homes sold for over asking price.

On the Peninsula, the average days on the market ranged from 14-33 days, with San Carlos at 14 days and Menlo Park at 33 days.  In every city the September sales price exceeded the asking sales price for 1%-5%. Foster City, Belmont and Burlingame sold for 1% over asking and San Carlos sold for 5% over asking.  

The market continues to look strong despite the daily “gloom-and-doom” messages we receive regarding the economy’s future.  The indicators of a resilient real estate market should encourage sellers and buyers to pursue their investments with the confidence since at least this segment of the economy seems to be holding steady.

If you are looking for financing for your real estate investments, give Sun Pacific Mortgage a call at 707-523-2099 to discuss your situation.  For more than 3 decades we have given hope to many who could not quite qualify for conventional loans, providing alternative financing with our Hard Money loan programs. 

Recently Funded – Scary Good!

Recently Funded – Scary Good

Getting approval for a home loan or refinance does not have to be painful – or scary!

With our new Alt-A Hard Money program, you can get rates as low as *6%, fast approvals and many loans funded in less than 1 week.

If you or a client is trying to get a loan, give us a call at 707-523-2099 and we will show you how getting a home loan can be less scary!

Recently Funded Through Our Office:

Location:  Santa Rosa, Sonoma County
Loan Size: $882,500 with 61% LTV
Days To Finish: 17
Program: Non-Owner Purchase
Scenario: Was looking for a stronger purchase offer, with short closing date and no loan contingency, which we could offer.

Location:  Covina, Los Angeles County
Loan Size: $455,000 with 62% LTV
Days To Finish: 11
Program: Primary Residence Temporary Refinance
Scenario:  Borrower had poor credit and wanted to consolidate debt on high rate credit cards and some other overdue bills.

Location:  Vallejo, Solano County
Loan Size: $560,000 with 70% LTV
Days To Finish: 15
Program: Non-Owner Occupied Business Purpose Refinance
Scenario: Difficult to prove income.  Looking for cash-out to get capital for business.

Location:  LA, Los Angeles County
Loan Size: $382,000 with 61% LTV
Days To Finish: 18
Program: Primary Residence Temporary Refinance
Scenario: Other Lending institution was unable to carry through on prior loan approval so got turned down at the last minute due to question about debt to income ratio.  

Do Home Loans Have To Be So Painful?

Do Home Loans Have To Be So Painful

If it’s the American Dream to own one’s own home, then why is it made so difficult for so many to achieve?  And does it have to be that difficult? 

One California broker has recently taken a good look and come up with a new way to open more doors.  It’s a key designed to work from both sides of the lock: the security of bank loans and the risks of private money.  

In the case of banks and other traditional lenders, requirements are so rigid it’s virtually impossible to get a home loan unless one has perfect credit or the time to fill out a football field of forms.  Financing can take from 2 to 5 months and offers can be rejected simply because sellers are aware of this fact.  

In the case of private lenders, hard money loans are based directly on real estate equity: “You got the property; you get the money!”. But rates can run as high as three times a conventional 30-year mortgage.  

Moreover, many private lenders issue too few mortgage loans to be closely watched by state and federal oversight.  Fraud is not uncommon. Borrowers must put integrity first in their selection of broker, while investors must absorb the risk of borrowers rejected by banks… which still leaves the big question: bank money security or hard money risk?

But what if you could find middle ground?  If a client falls just short of qualification for conventional or traditional financing (Fannie Mae, FHA, Portfolio lending, etc.), there is now a new hard money program on the market offering lower rates as low as 6 percent. It is called the Alt-A Hard Money Loan program and it is offered by Sun Pacific Mortgage & Real Estate of Santa Rosa, California.

Since opening its doors in 1988, Sun Pacific Mortgage & Real Estate has proven trustworthy to over 10,000 borrowers.  It is a trust that has seen the company rise from last-minute solution to first preferred choice for many California professionals seeking superior rates and reliability for their clients.  

No Need To Be Frightened… We Can Get You That Loan!

No Need To Be Frightened We Can Get You That Loan

Don’t be frightened if you or a client just missed out on qualifying for conventional financing.  We can help with our Hard Money loan programs: 

Backed by over 3 decades of trust!

Fastest funding within 48 hours!

Unique Alt-A Hard Money Program with rates as low as *6%!

Loan of the Week

A past borrower reached out to us, in need of a very fast loan so he could get some capital for his business.  He wanted to pull cash out of an investment property he owned free & clear in Napa County. 

At a 54% loan to value, we were able to get him his desired loan amount of $500,000 in just 6 days! Needless to say, he was no longer frightened of losing out on his business transaction and was very happy. 

If you have any questions or scenarios you would like us to review, call 707-523-2099.  We will quickly let you know what we can do for you!

*APR for this rate based on a $200,000 first mortgage is 6.31%. 

Landscaping 101: Blunders and Remedies

Landscaping 101 Blunders And Remedies

Landscaping can be an expensive item on one’s household budget.  Making mistakes can be costly and disappointing. Here is a list of some factors to consider that can assist getting a greater yield on your investment:

  • Improper Plant Placement:  Sunlight and exposure are extremely important to the health of any plant.  You need to be aware of how big the plant will get. Check the tag on your plant or ask advice from your neighborhood nursery. 
  • Trees:  One of the quickest ways to kill a tree is to plant it too far into the ground. This is the surest way to encourage root rot. The hole should be the size of the root ball.
  • Plant Like a Painting:  Place your containers where you want them, and then go inside and look through your window to see what they’ll look like before you plant.  It should look like a painting framed by your window.
  • Curb Appeal:  Instead of putting your energy and money into the backyard, which many homeowners do, improving the front of the house where first impressions are made could be a better use of your funds.  Three simple improvements go a long way: paint the front door, keep the grass trimmed, and plant colorful flowers.
  • Make a Plan:  Buying plants without a plan can be tempting, but very expensive.  Before setting out to the nursery, decide on a color palette that you would like.  Consider the color of your house and then choose one color that really frames it.  

 

Landscaping can be 30% more expensive than any other type of home improvement project.  There is always a lot of sticker shock at the nursery. We tend to think, “It’s just a couple of plants.”  When we are faced with the total bill for the wagon load of beauties we have chosen, we realize we just blew the entire budget!   Avoid unnecessary do-overs or “buyer’s remorse” by doing your research before you go to the garden center. 

Backed By More Than 30 Years Of Trust!

Northbay Biz Top 500

We are privileged to have repeat and referred borrowers, realtors, lenders and brokers who have been placing their trust in us for the past 30 years and more. 

It’s a trust we could never buy. It is a trust you can count on. 

If you or a client is just shy of qualifying for conventional financing, give us a call at 

707-523-2099…and let’s get you a Hard Money Alt-A loan, with rates as low as 6%*!

Some Of Our Recently Funded Hard Money Loans

Location:  Santa Rosa, Sonoma County
Why Came To Us: Property required some fix-ups. 
Scenario: Wanted to buy an investment property but due to property condition couldn’t qualify for traditional financing. 
Loan Size: $882,500 with 61% LTV
Days To Finish: 17

Location:  Mill Valley, Marin County
Why Came To Us: Needed fast financing. 
Scenario: Wanted a stronger offer with a very short closing date and no loan contingency, which we could offer. 
Loan Size: $599,000 with 59% LTV
Days To Finish: 8

Location:  Vallejo, Solano County
Why Came To Us: Borrower had “too many” owned properties with mortgages on them so unable to get financing elsewhere. 
Scenario:  Borrower had an investment property with considerable existing equity.  He did a refinance to pull out additional capital for other business purposes. 
Loan Size: $560,000 with 70% LTV
Days To Finish: 15

Location:  Covina, Los Angeles County
Why Came To Us: Turned down at last minute due to proof of income. 
Scenario: Wanted to consolidate high-rate credit card debts and do some home improvements but having difficulty getting financing due to being self-employed with difficult to prove income. 
Loan Size: $450,000 with 62% LTV
Days To Finish: 11

 

*APR for this rate based on a $200,000 first mortgage is 6.31%. 

Sun Pacific Mortgage Offers New & Unique Alt-A Hard Money Program

Sun Pacific Mortgage Offers New Unique Alt A Hard Money Program

We have been a Money Lender for over 3 decades and have recently begun offering a new type of loan Program for the many home buyers and borrowers who are turned down elsewhere for a real estate loan: an Alt-A Hard Money Program!

We are located in Santa Rosa (Northern California) and are licensed for lending throughout the state. This one of a kind Alt-A Hard Money loan is the perfect solution for a home buyer or borrower who just cannot get approved for a home loan, by another conventional or traditional lending institution.  They miss qualifying by a slim margin; In other words, they are almost qualified for a standard bank loan but not quite. 

Here at Sun Pacific Mortgage, this Alt-A Hard Money loan provide the solution to those who want to buy a home or refinance but get told “no”.  These typically have rates from *6-8% – which is considerably lower than the average Hard Money rates. This program is for borrowers and home buyers with a credit score of 640 or higher, a 35% or more down payment, and on a property in good shape and in a good neighborhood. Many borrowers with this type of loan will end up refinancing in a year or two when their credit improves or the other disqualifying circumstance(s) resolves. 

Sun Pacific Founder, Owner, states “Because of the demand from both borrowers and Investors, we have begun offering this new loan, in addition to our traditional Hard Money Loan Programs. We have many Investors who are interested in these types of loans. For borrowers who are just shy of qualifying for “A” paper, you can quickly get approved for this lower-rate Alt-A Hard Money Program. And we can turn these loans around quickly, in 2 weeks or less.”

He continued, “Just recently we funded a loan. A real estate agent called with a rush request from her home buyer:  He needed a $599,000 short term loan to buy an investment property in Mill Valley.  His current lending institution was confused by his company being the buyer so was not approving the loan. His credit was over 750, he had a good down payment allowing for 59% loan-to-value, he made great monthly income and had a lot of other real estate assets as well as excess funds in the bank. He was a perfect borrower. Except he had to wait too long due to unnecessary confusions from his lender, so now he needed fast loan performance.  This is where we stepped in with our Alt-A Hard Money Loan program with a 6%* rate and had his loan funded in just under 1 week!”.

Our family company was founded in Sonoma County in January 1988, to provide honest real estate transactions and alternative financing to the community.  To this day it is still family owned and operated. 

We offer their traditional Hard Money Loan Programs and Alt-A Hard Money for real estate needs throughout all of California. From the moment the company started, we have specialized in borrowers and home buyers who were “turned down elsewhere”.  This financing is known as Hard Money or Private Money and is our specialty. Such loans are funded by individuals who live locally, therefore there are less qualifications and it is faster to get the funds – unlike other lending institutions which require much more qualifications and require 30-90 days to funding. 

Our website can be seen at https://www.sunpacificmortgage.com/ or we can be reached at (702) 523-2099.  We stand ready to get help you with a Hard Money loan where others turn you or a client down!

 

*APR for this rate based on a $200,000 first mortgage is 6.31%

Honest Hard Money

Honest Hard Money

A client or you just shy of qualifying for traditional financing?  Turned down elsewhere for a mortgage? We can help with our honest hard money loan programs!

 Backed by more than 30 years of trust!
 Fastest funding in just under 48 hours!
 New, one-of-a-kind Alt-A Hard Money Program with rates as low as 6%!*

Loan of the Week

A past borrower called us, wanting to pull cash out of his free and clear home in Mill Valley, Marin County.  He and his wife owned a business and needed some additional capital, as well as wanted to consolidate some credit card debts.  Due to their difficult to prove income, they were having issues with loan approval elsewhere. 

At 64% loan to value, we were able to get them their desired loan amount of $500,000 in less than 2 weeks. This primary residence cash out, business purpose loan was not a problem for us!

If you have any questions or scenarios you would like us to review, call 707-523-2099 or reply to this email.  We will quickly let you know what we can do for you. 

*APR for this rate based on a $200,000 first mortgage is 6.31%.

Are Bay Area Real Estate Statistics Fluctuating?

Have you been wondering what happened in the real estate market last month?  Below find some interesting facts regarding average sales prices for single family homes that might either surprise you or confirm your suspicions:

  • San Francisco: $1,840,343.  Down $126,907 from July
  • Menlo Park:  $2,744,629.  Up $159,895 from July
  • Foster City: $1,900,846.  Down $29,862 from July
  • Belmont:  $1,755,391. Down $29,784 from July
  • San Carlos: $2,223,333. Up $18,162 from July
  • San Mateo:  $1,738,810. Up $14,421 from July
  • Burlingame: $2,691,071. Up $27,759 from July

In general, the number of homes for sales fell, for example in San Francisco 509 homes sold in July 2019 and 406 sold in August 2019.  Likewise, the current inventory of active homes for sale fell slightly from 722 in July to 719 in August.

On the other hand, several agencies believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house, now may be the best time to put it on the market.  Below is a chart showing their predictions:

Are Bay Area Real Estate Statistics Fluctuating


Rest assured that there does not seem to be any big decline in real estate values soon according to these trusted prognosticators. 

Bottom Line:   Playing the waiting game may not be the best strategy if you are planning to sell or to buy in the near future.

If you need an alternative approach to mortgage financing, give Sun Pacific Mortgage a call at 707-523-2099.  We have a toolbox full of creative financing for those who do not quite qualify for a conventional loan.

Alt-A Hard Money Is Hot – No Bull!

Alt A Hard Money Is Hot No Bull 

Have a strong borrower who just misses qualifying for traditional “A-paper” financing? This is where our Alt-A Hard Money program can help with a loan turned down at the last moment!  

This new Alt-A Hard Money program is one-of-a-kind and is hot with other real estate agents, mortgage brokers, lenders and their borrowers & home buyers!  Offering lower rates between 6%-8%*. 

Main qualifications are: 

– 65% Max Loan To Value.
– Property in good location and condition.
– Good credit 640 or up. 

Hot Alt-A Hard Money Loans Recently Funded: 

Location:  Mill Valley, Marin County
Why Came To Us: Turned down by conventional lender at last minute.  
Scenario: Investor didn’t want to lose out on a good purchase so needed a fast cash offer to close the deal. 
Loan Size: $599,000 with 59% LTV
Days To Finish:  8

Location:  Santa Rosa, Sonoma County
Why Came To Us: Had IRS lien with difficult-to-prove income.
Scenario: Needed additional funds to complete remodel so she could then resell.
Loan Size: $882,500 with 61% LTV
Days To Finish: 17

Location:  San Juan Capistrano, Orange County
Why Came To Us: Self-employed with difficult to prove income.  
Scenario: Home Buyer had a sizeable down payment with good income, but unable to get loan approval elsewhere due to being self-employed just in the past year. 
Loan Size: $1,350,000 with 48% LTV
Days To Finish: 20

Location:  Sonoma, Sonoma County
Why Came To Us: Turned down by underwriting due to an issue with proof of income. 
Scenario: Escrow was due to close shortly but buyer now had no loan approval, so home buyer’s Agent reached out to us to rescue her buyer’s transaction.  
Loan Size: $800,000 with 57% LTV
Days To Finish:  11 

If you have any questions or scenarios for us to review, call 707-523-2099 or reply to this email.  We will let you know quickly what we can do for you!

Best, Broker & Broker – The Guys in the White Hats

*APR for this rate based on a $200,000 first mortgage is 6.31%. 

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