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Hot Summer Financing For Owner Occupied Properties!

July 28, 2022

Hot Summer Financing For Owner Occupied PropertiesSee our recent blog about how Private Money can speed up the process:
https://www.sunpacificmortgage.com/blogs/how-can-you-get-into-contract-for-a-home-faster/

Turned Down Elsewhere for a home loan – refinance or purchase?  We have been providing our Hard Money loan programs for 34 years now, let us help you!

– We provide financing for owner occupied/primary residences as well as investment properties.

– Credit issues, difficult-to-prove income, property doesn’t qualify – not a problem.

Recently Approved & Funded Owner Occupied Loans 

$631,000 – Sacramento County
11 Days To Complete
Debt to income ratio too high so turned down elsewhere

$615,000 – Contra Costa County
13 Days To Complete
Difficult To Prove Income As Self-Employed

$705,000 – Riverside County
5 Days To Complete
Wanted Fast Loan To Strengthen Purchase Offer

$581,000 – Santa Clara County
17 Days To Complete
Had Credit Issues and Wanted To Do Debt Consolidation

Call us at 707-523-2099 today or visit our website at www.sunpacificmortgage.com with any questions or scenarios you have. We’ll get back to you quickly!

What Happened in the Bay Area Real Estate Market During the 2nd Quarter?

July 26, 2022

What Happened In The Bay Area Real Estate Market During The 2Nd Quarter As One Realtor Put It, “If The Stock Market Is Like A Jet Skier On A Triple Espresso, The Real Estate Market Is Like A Giant Cargo Ship That Decelerates And Turns Slowly.”

As one Realtor put it, “If the stock market is like a jet skier on a triple espresso, the real estate market is like a giant cargo ship that decelerates and turns slowly.”

This is what we are seeing in the Bay Area as mortgage rates increase and inflation is climbing. Because of the sharp turn in the market, it is better to consider a three-month average than a single month’s data. The following data gives the Bay Area market results in each county for April, May, June:

Q2 2022 Medium Sales Price:

San Mateo: $2,200,000

San Francisco: $2,000,000

Marin: $1,995,000

Santa Clara: $1,880,000

Alameda: $1,460,000

Santa Cruz: $1,350,000

Contra Costa: $975,000

Napa: $973,000

Monterey: $875,000

Sonoma: $860,000

Solano: $625,000

With numbers like this, Bay Area properties are not likely to plunge into severe depreciation any time soon. Real estate continues to be the most stable of all investments according to the economists. Relax, no need to panic. This is just a part of the natural real estate market cycle we have experienced time and again.

Give Sun Pacific Mortgage a call at 707-523-2099 if you need a fast, Private Money loan or you are an Investor looking to maximize your returns, through Trust Deed investments.

Newly Launched – Hot Summer Program!

July 21, 2022

Newly Launched - Hot Summer Program!

See our recent blog about the benefits of our Alternative Financing Solution:
https://www.sunpacificmortgage.com/blogs/stated-income-loans-from-sun-pacific-mortgage/

This unique program is for Borrowers & Buyers who are just shy of qualifying for “A paper” home financing.   It’s our Hot program offering lower Hard Money rates from 7%- 9%:

  • Borrowers with good credit (640+)
  • Lower Loan To Value (less than 60% LTV)
  • Nice property in good location
  • Fast financing (many funded in less than 1 week)

Recently Funded Alt-A Scenario By Us:

Santa Rosa Home Buyer is turned down by her Lender 23 days into a 30-day Escrow, just had an alleged last-minute issue as to proof of income.  Her Agent luckily knew of us and immediately called our office, requesting quick help.  In just 6 days we had her loan approved and funds ready for her needed Bridge Loan of $946,870!

We continue to also offer our traditional Hard Money loan programs for those in need of fast cash, turned down elsewhere for credit issues or difficult to prove income or other disqualifying issues with conventional lenders.

Call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com with any questions or scenarios and we’ll reply quickly with what we can do for you or someone you know!

The No.1 Reason Why the Housing Market Won’t Crash

July 19, 2022

The No.1 Reason Why The Housing Market Won’t Crash
A flaming-hot housing market saw an unprecedented 24% price increase since the outbreak of the virus last year. The market is just beginning to slow down a bit because Buyers are beginning to push back at the sky-high prices.

Some doomsayers would like you to believe that because housing went up too fast, it must now come down.  But that is in opposition to what the data demonstrates. When examined more carefully, the 2021 housing market and the 2008 housing bubble are very different bull markets.

Consider the complete and utter frenzy leading up to the financial crisis back in 2008. Homebuilders went on a building spree so that when the market started to slow in 2006, the surplus of new construction put negative pressure on prices.  It took years for housing to shake that glut.

How does that compare with 2021?  They are almost polar opposites.  Burned by the 2008 crisis, Homebuilders have been extremely conservative in recent years (2013-2021) averaging 1.2 million monthly housing starts as opposed to the 1.7 million per month leading up to the Great Recession. In fact, our nation is under-built by about 3.8 million single-family homes according to Freddie Mac.

The rush of Buyers during the pandemic only exacerbated the housing problem and between April 2020 and April 2021, housing inventory fell over 50% leaving us at a 40-year low.

Although the Fortune report quoted in this article is based on the entire nation, we have seen the extremes of this phenomenon in California. Sure, price growth may go flat here or even fall slightly, but a 2008-style crash is improbable without it.

If you are looking to invest your money in a more secure place than a volatile stock market, consider becoming a private investor with Sun Pacific Mortgage.  We offer private money mortgages to worthy Borrowers who need to close quickly or cannot qualify for a conventional loan.  All the Borrowers and loans have been carefully vetted before being promoted to our investor community.  Go online to www.sunpacmortgage.com to learn more about our programs.

Loan of the Week – Wrangling Up the Best

July 14, 2022

We’ve Wrangled You Up Our Hot Loan Program!We’ve Wrangled You Up Our Hot Loan Program!

See our recent blog about how Private Money could help aid your next Investment:
https://www.sunpacificmortgage.com/blogs/real-estate-voted-best-investment-eight-years-in-a-row/

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

Lower Hard money rates from 7% – 9% with this unique alternative finance program, for Borrowers and Buyers who are just shy of qualifying for conventional or traditional “A paper” loans:

  • Good credit (640 and above)
  • Below 60% Loan to Value
  • Property in good condition and location

Perfect example of why this popular program is so beneficial:

Broker reached out to us for his Home Buyer, who needed a 799k short term loan to buy an investment property in Mill Valley.  Underwriting was unable to provide final approval due to confusions about and LLC as the individual buying entity, despite great qualifications.

Buyer’s credit was over 750, he had a good down payment allowing for 56% LTV, 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 wanted to buy with his LLC – which is where we were able to wrangle up our unique Alt-A program and help!

If you have any question or scenarios for us, just call 707-523-2099 or visit our website at www.sunpacificmortgage.com.  We will let you know how we can wrangle up the right private money loan program to help.

Are We Looking at Deceleration or Depreciation?

July 12, 2022

You are probably well aware that houses have skyrocketed recently, but did you know that this has been true for the past 122 consecutive months? Much of this increase was due to the abundance of Buyers and the lack of Sellers. Experts are forecasting ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been.

Mark Fleming, Chief Economist at First American, identifies a key reason why home prices won’t depreciate or drop:

“In today’s housing market, demand for homes continues to outpace supply, which is keeping the pressure on house prices, so don’t expect the prices to fall.

Experts are forecasting ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been. The graph below shows home price forecasts from seven industry leaders. Note that none are forecasting prices to fall. 

Are We Looking At Deceleration Or Depreciation?Looks like Investors and Buyers alike remain in an outstanding position to make substantial profits from their investments.

Having been in business for 34+ years, we are always looking for new Investors to join our team. Real estate continues to be one of the strongest investments, so if you or someone you know are interested in making up to 9-13% return on investments, give us a call at 707-523-2099 or fill out the form on our Investor website page here: https://www.sunpacificmortgage.com/invest-in-trust-deeds/

Racing To Get You Fast Loans – Even When Turned Down Elsewhere!

July 7, 2022

Racing To Get You Fast Loans - Even When Turned Down Elsewhere!See our recent blog about The State of the Market:
https://www.sunpacificmortgage.com/blogs/current-state-of-the-market-a-message-from-the-broker/

The below Home Buyer was turned down less than 9 days to Close of Escrow.  Below is the thankful Agent’s email to us:

“A guy in a white cowboy hat 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 currently Monday). He responded, ‘Well darn, I will get right on it’.

“The Sun Pacific Mortgage Team sprang into action! Loan approval was gotten in 36 hours and docs were in Escrow less than 24 hours later, just ahead of the deadline. WELL DONE Sun Pacific Mortgage, you saved the day with the fastest funding I’ve ever seen.  AMAZING JOB!”  Realtor, S.G.

 

In just 5 days, this Petaluma Homebuyer who needed a rush loan of 780k had her loan funded and new home keys in hand!

Call us at 707-523-2099 with your questions or scenarios or visit our website at www.sunpacificmortgage.com. We work with many Real Estate Agents and Mortgage Brokers & Lenders, helping Buyers and Borrowers get their loans approved and funded fast.

San Francisco and Bay Area Real Estate Report for May

July 5, 2022

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Even though we have been bombarded with negative headlines for over a month, the housing market in the North Bay has remained strong. San Francisco Bay Area has seen over 30% growth for residential real estate since the pandemic! That is huge! It has been on a 10-year bull run. Even though real estate markets have historically been on a 7-year cycle, this wild ride has been constant for 13 years! Hard to believe? Look at the statistics for single-family home sales for May:

San Francisco:

Avg. sale price: $2,410,387 (April $2,502,144)
Avg. list price: $2,148,931
Avg. Days on Market: 18
Homes sold: 282

Menlo Park:

Avg. sale price: $4,009,035
Avg. Days on Market: 10 (9% over asking)

Foster City:

Avg. sale price: $2,529,181
Avg. Days on Market: 11 (18% over asking)

Belmont:

Avg. sale price: $2,925,721 (15% over asking)
Avg. Days on Market: 10

San Carlos:

Avg. sale price: $3,052,856 (13% over asking)
Avg. Days on Market: 7

San Mateo:

Avg. sale price: $2,302,186 (15% over asking)
Avg. Days on Market: 11

Burlingame:

Avg. sale price: $3,289444 (9% over asking)
Avg. Days on Market: 9

 

Most analysts believe that the secondary and tertiary markets will be hit harder going forward, and that prices will begin to come down slightly for every market. Sellers will need to get realistic about our new normal and Buyers will need to be patient. Buyers will still need to pull the trigger on homes they love when the opportunity arises.

If you are interested in getting into this strong wealth builder but have been disqualified for a loan now that rates have risen, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website www.sunpacificmortgage.com. We have been in business supporting California Homebuyers for 34 years with private mortgages. Our investors are standing by ready to make your dreams of home ownership come true.

Breaking News – Loan of the Week

June 30, 2022

Breaking News – Loan Of The WeekWe Help – Despite Being Turned Down Elsewhere

If you or someone you know are trying to refinance, buy a house or pull cash out and needs this done fast or is having difficulty elsewhere, we can help!  Our Private Money loan programs provide faster than usual funding AND can help those turned down elsewhere. Let us help you, just as we did below with our Loan of the Week:

See our recent blog about the Six C’s of Private Money:
https://www.sunpacificmortgage.com/blogs/the-six-cs-of-private-money-lending/

Loan of the Week

A Borrower and her Real Estate Agent from Santa Clara County reached out to us, desperate to save a home purchase.  Buyer was in Escrow but had just been turned down by their current Lender, due to some last-minute issue with the debt-to-income ratios.  A loan of $1-Million was needed immediately.  As Buyer had a sizable down payment, great credit and low LTV, we quickly got this loan approved and funded in just 11 days!

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

Southern California Housing Market Update

June 28, 2022

Home prices in the first quarter rose 19.1% compared to a year ago and were 4.2% higher than in the fourth quarter of 2021. It appears as if the spike in mortgage rates during the first quarter has not dampened the market and, with more buyers than sellers, the market is still extremely hot.  The region saw double-digit price growth across the board, with Orange County again leading the way.

Of note is that home prices in Riverside County rose 10.7% compared to the prior quarter.  Rising mortgage rates and prices are certain to push affordability down even further, which is concerning. The question remains whether rising financing costs will start to slow the market. For the time being, this does not appear to be the case.

Image1 1 Home Prices In The First Quarter Rose 19.1% Compared To A Year Ago And Were 4.2% Higher Than In The Fourth Quarter Of 2021. It Appears As If The Spike In Mortgage Rates During The First Quarter Has Not Dampened The Market And, With More Buyers Than Sellers, The Market Is Still Extremely Hot.  The Region Saw Double-Digit Price Growth Across The Board, With Orange County Again Leading The Way.   In the first quarter of the year, the average time it took to sell a home in the region was 22 days, which was 6 fewer days than a year ago but 1 day longer than in the final quarter of 2021.  Homes in San Diego County continue to sell at a faster rate than other markets in the region. In the fourth quarter, it took an average of 16 days to sell a home there—two fewer days than it took a year ago.

The other four counties also saw the time it took to sell drop compared to a year ago, but market time rose very modestly in Riverside, Los Angeles, and San Bernardino counties compared to the fourth quarter of 2021.  Limited inventory combined with growing buyer demand is creating a very tight market. Any increases we see in the number of homes for sale in the coming months is not likely to be enough to satisfy buyers.

Despite low inventory levels and rising mortgage rates, the housing market continues to perform very well in Southern California. The spike in mortgage rates has yet to have a significant impact on price growth or demand; however, it will be interesting to check back in the second quarter because if there is an impact, that’s when we would likely see it.

If you find yourself wanting to purchase in California, give family owned and operated Sun Pacific Mortgage a call now at 707-523-2099 or visit our website at www.sunpacificmortgage.com. We can quickly get you pre-approved so you can present yourself as a serious Buyer when you make your offer to that Seller!  We have been a private mortgage lending company, servicing all of California for the past 34+ years – and are here to help get you that dream home!

Note:  Credit for this article goes to Chief Economist for Windermere Real Estate, Matthew Gardner who is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level.

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