Home > real estate

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

August 15, 2019

By The Guys In The White Hats

Our breaking news brings you a brand-new release:  Low hard money rates from 6% – 8% with our one of a kind, Alt-A Hard Money Program!

This is for those borrowers who are just shy of qualifying for “A” paper underwriting.  The qualifications include: 

– Borrowers with good credit of at least 640.

– Max 64% Loan To Value.

– Nice location and good property.

Below Are Two Such Scenarios Recently Funded:

Location:  Brokertfield, Marin County
Why Came To Us: Turned down by her bank at last minute.  
Scenario: Needed to complete renovations to then sell house. 
Loan Size: $680,000 with LTV just under 50%.  
Days To Finish:  7 days!

Location:  Santa Rosa, Sonoma County
Why Came To Us: Loan disapproved due to last-minute issue with proof of income.
Scenario: Relator called us on day 27 of 30-day close of Escrow for a fast loan.
Loan Size: $946,870 LTV 35%.  
Days To Finish:  3 days!

If you have a scenario that could use the help of Hard Money programs, call us at 707-523-2099!

Tips To Get Your Home Purchase Offer Accepted

August 13, 2019

Tips To Get Your Home Purchase Offer Accepted

Real estate availability may be loosening up, but if you encounter a good buy and want to strengthen your chances of snagging it, here are some tried-and-true tips to remember when presenting your offer:

  • Increase Your Budget:  First-time buyers may be looking in a lower price range, which is one of the most competitive markets.  By getting approved for just a few thousand dollars more, it can make a substantial difference in closing the deal, but only a slight difference in your mortgage payment.
  • Eliminate Some Expenses:  Homeowner’s association dues can heavily impact your budget.  Look for property that does not require this additional expense.  Looking for property closer to your job can save you time and money too.
  • Contingencies Are Your Enemy:  The cleaner your offer, the better the chance of securing the home.  Don’t ask for the seller to foot the bill for expenses such as a home warranty, closing costs, or minor repairs.
  • Flexibility Wins:  When presented with a multiple offer situation, the more flexible you can be, the better.  Defer to the seller’s preferences regarding closing, for instance. Offer to rent back if that is an option they would prefer.  The easier you make it for the seller, the better your chances are of moving into your new home.
  • Write a Letter:  While the letter shouldn’t bring tears to the sellers’ eyes, a bit of pandering wouldn’t hurt.  Sellers like to hear that the new buyer loves their house as much as they do and will continue to care for it.  You don’t need to tell them about all the improvements you intend to make. Remember, you are selling yourself as much as you are trying to buy their house.

Above all, be patient and be prepared to negotiate.  Don’t take offense if your first offer is rejected, and don’t insult the sellers with a ridiculously low-ball offer.  Buying and selling real estate can be a stressful experience, but in the end the rewards will be well worth your pain.

Looking for alternative financing or turned down elsewhere by banks and other lenders? Sun Pacific Mortgage can help! A Hard Money loan is considered an “all-cash offer” and could help you get approved faster. Call today and see if we can help with your home financing needs (707) 523-2099.

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.

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.

Downsizing Can Be Stressful

June 28, 2019

Downsizing Can Be Stressful

Last year a survey conducted by Trulia reported that 60% of Americans living in homes over 2000 square feet, reported that they would prefer a smaller home for their next move.  Such a move can prove to be financially and mentally a positive experience, while the actual process can be exhausting.  

The following tips were offered on the blog “Budget Dumpster” to help lessen the stress level and provide a rough roadmap for those in the throes of a downsize.

  • Take an Inventory:  Because this is one of the more daunting chores, take your time and set up a plan of attack that targets one room or zone at a time.  Decide what to keep, throw out, donate, or sell.

  • Minimize Duplicate Items:  The kitchen can be a hotbed for duplicates.  Check the multiples of spatulas, drinking glasses and silverware.  If you’re going smaller, you probably won’t be entertaining as much as you did in the past.

  • Make the Most of Storage Space:  Find “hidey-holes, such as under the bed, hanging shoe racks, or inside ottomans for that storage space you may be losing by downsizing.

  • Sell Your Belongings:  Yard sales can be a boost to your moving budget, but it is also an exhausting experience.  It does allow you to find a home for some of your things that you no longer need or that will not fit in a smaller space.  It is a good idea to measure your furniture and be certain that each piece will fit in your new home. Eyeballing does not always tell the correct story.  A decent tape measure should become one of your new best friends.

While the thought of downsizing may be nerve-wracking, think of all the good that will come from it.   You will be taking control of your possessions and learning to live with fewer encumbrances. You might even learn to enjoy life more with less!

Looking for alternative financing to purchase that next-step-home? Call Sun Pacific Mortgage today for all of your Hard Money financing needs (707) 523-2099!

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 

Posts navigation

1 … 37 38 39 40 41 42 43 44 45 46 47 … 65