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Private Money – The Bridge To Your Future Home!

May 18, 2023

Bridge Promo May 4 Here At Sun Pacific Mortgage, We Offer Our Bridge Loan Program To Help Those Individuals In Need Of Fast Financing, To Purchase Another Home Before Selling Their Current House Or Having Difficulty Elsewhere Getting A Mortgage.
After 35 years of experience, we are specialists at helping bridge the distance for individuals who want to buy a new home before selling their current house, or in need of FAST financing for a stronger cash-like offer. Let us help you or someone you know with our popular Private Money Bridge loan program like we did below:

Loan of the Week

Program: Bridge Purchase
Loan Size: 1.2 million
Location: San Luis Obispo County
Reason Came To Us: A Borrower was lucky enough to connect up to us, to rescue their purchase that they were already in Escrow on.  Their current purchase financing fell through at the last minute with their conventional lender, due to higher debt-to-income ratios. With the help of our Private Money programs, we were able to use the equity in his current house to help get the final money needed to buy the new home.  We were able to rapidly get him approved and loan fully completed in just 13 days!

Here at Sun Pacific Mortgage, we offer our Bridge loan program to help those individuals in need of FAST financing, to purchase another home before selling their current house or having difficulty elsewhere getting a mortgage.

Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com. We will quickly let you know what we can do to help you or someone you know bridge the distance to their future home!

Honolulu Housing Market Trends

May 16, 2023

Honolulu Real Estate

In March 2023, Honolulu home prices were up 9.0% compared to last year, selling for a median price of $594,000. On average, homes in Honolulu sell after 78 days on the market compared to 56 days last year. There were 316 homes sold in March 2023, down from 467 last year.

Between January 2023 and March 2023, 40% of Honolulu homebuyers searched for homes outside of Honolulu, while 60% looked to stay within the metropolitan area.  San Francisco homebuyers were the top metro who searched to move to Honolulu.

Looking at all of Hawaii, in March 2023 there were 5,062 homes for sale, down 10.6% year over year. The market remains in the seller’s court, much like the rest of the mainland.

For Homebuyers, Homeowners, Real Estate agents and conventional Mortgage Brokers, Sun Pacific Mortgage & Real Estate’s fast, alternative Private Money mortgage programs can be of great benefit to today’s real estate market in Hawaii.

This type of real estate loans can provide 10 day closes or less! There is no debt-to-income ratio requirements nor credit requirements!  Financing is offering in each of the main areas of Hawaii, including: Hawaii County, Honolulu County, Kauai County, and Maui County.

If you are shopping for a second home in one of these counties or want to pull cash out of real estate for some business purpose,  give us a call at 707-523-2099 or email us through our website at www.Sunpacificmortgage.com

Bridge Program – Private Money Loans!

May 11, 2023

I Wil 2 Copy With Our Many Loan Programs, We Can Help Get That Loan Approved And Funded For You Or Someone You Know!  One Of Our Most Popular Loan Programs Is The Bridge Loan.

With our many loan programs, we can help get that loan approved and funded for you or someone you know!  One of our most popular loan programs is the Bridge Loan.

Here are the benefits of getting this type of financing with us:

  • Bridging the gap between the sale of one’s home to purchase another home, using the equity in the property.
  • Getting an offer accepted because you have an offer with the next best thing to all-cash.
  • We look at equity, not credit worthiness.
  • Fast financing – we can close in 7 days or less!

Recently Funded Bridge Loan

Recently, a local Mortgage Broker reached out to us for one of his past Borrowers, whose debt-to-income ratios were too high if the borrower had 2 mortgages.   The borrower wanted to pull cash out of his current home’s equity as a down payment on another house he wanted to purchase.  He needed a loan of $540,000, which we had no problem getting approved.  Within a couple of weeks, the loan was funded and borrower was a new homeowner!

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 to help.

 

How to “bridge” the gap the between buying and selling your home!

May 9, 2023

Istockphoto 483821958 612X612 1 What Options Would A Buyer Have If They Find The Home They Want To Buy, But Haven’t Sold Their Present Home? If The Buyer Needs The Funds From The Sale Of Their Present Home As A Down Payment On The New Purchase, They Can Look To A Bridge Or Temporary Loan To Solve Their Problem. A Bridge Loan Is A Loan That Helps A Current Homeowner Buy Another New Home, Prior To The Sale Of Their Current House.  Once The Sale Is Finalized, The Bridge Loan Is Generally Paid Off From The Proceeds Of The Sale.

What options would a buyer have if they find the home they want to buy, but haven’t sold their present home? If the buyer needs the funds from the sale of their present home as a down payment on the new purchase, they can look to a bridge or temporary loan to solve their problem. A bridge loan is a loan that helps a current homeowner buy another new home, prior to the sale of their current house.  Once the sale is finalized, the bridge loan is generally paid off from the proceeds of the sale.

At Sun Pacific Mortgage we cater to this type of loan with a program that allows the borrower to obtain a short-term private money loan, with interest only payments. We have investors who will lend amounts up to $1.5 million. The interest rates are generally based on the loan to value – and can be a Bridge refinance loan for cash out of current home, a Bridge purchase loan to help buy the new home, or a Bridge loan that includes both the current home equity & the new home equity.

There is no prepayment penalty associated with this loan, but we do look for a loan to value of least 65% for refinances and up to 75% for purchases. Also, debt to income ratios are not considered with this loan program, nor is FICO scores.

If this is a solution to one of your problems, or the situation one of your clients is facing, visit our website at www.sunpacificmortgage.com or please call us at 707-523-2099 to find a fast, alternative and flexible solution.

Bring the Heat with Private Money 🔥

May 4, 2023

Our Hot Private Money Programs 3 Copy Conventional Mortgage Rates Have Been On The Rise And Inventory Is Still Low Across California, But Homebuyer Purchase Offers Are Increasing Again – Which Is Bringing Back The Competitive Market.  With These Factors In Play, We Have Seen One Of Our Private Money Programs Heat Up In Popularity! What’s Hot:

Bringing the Heat with Private Money!

Conventional mortgage rates have been on the rise and inventory is still low across California, BUT Homebuyer purchase offers are increasing again – which is bringing back the competitive market.  With these factors in play, we have seen one of our Private Money programs heat up in popularity! What’s HOT:

Bridge Program: close the gap with a current home not yet sold and a new primary residence that you or someone you know wants to buy!  And, this program can give them the competitive advantage of a fast close and offering the next best thing to all-cash!

Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see how we can help you or someone you know bridge the gap to your new home.

2023 California Housing Market Continues to Stabilize

May 2, 2023

Model House On A Financial Graph

Most housing analysts expected 2023 to be a rough year for the U.S. housing market. In fact, among the 29 major housing forecast models, 24 forecasted a national home price decline for 2023.

But, so far, that hasn’t proven to be true.

Through the first few months of 2023, the U.S. housing market continues to show signs of stabilization. Existing and new home sales have inched up a bit this year, and homebuilder confidence has improved. Firms like Zillow, CoreLogic, and Black Knight have all reported positive month-over-month home price increases this Spring.

What’s going on? For starters, a lack of homes for sale, coupled with the market entering its busier Spring period, has, at least for now, pushed the national housing market back into equilibrium.

Don’t misread the above statement and think that the housing market is normal just yet. Some housing markets are booming right now, while others, like San Jose, are still passing through a home price correction.  Even within a particular market, it can vary considerably.

According to Zillow, among the 1,563 California ZIP codes tracked, 6.7% saw home price increases between December 2022 and March 2023. The other 93.3% of California ZIP codes saw a home price decrease, if only slightly.

CoreLogic, a real estate research firm, expects U.S. home prices to rise 3% between January 2023 to January 2024. If CoreLogic is correct, then U.S. home prices would end 2023 back at price levels achieved at the height of the boom in June.

It is good to remember that the appreciation in California home values during the past 2 years was about 15%, so these slight declines should not deter buyers from jumping into the real estate market.

If you are looking for a private real estate loan, and can’t qualify for a conventional loan, look no further than Sun Pacific Mortgage. We have been lending to California real estate investors for over 35 years. Give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

 

Looking To Get A Refinance Done?

April 27, 2023

Tough Time Refinancing If You Or Someone You Know Are Having A Tough Time Getting Loan Approval For A Purchase Or Refinance, Don’t Lose That Loan, Give Us A Chance To Help With Our Trusted Private Money Lending Programs – Just Like Was Done Below:Don’t Lose That Loan – Private Money Can Help!

If you or someone you know are having a tough time getting loan approval for a purchase or refinance, don’t lose that loan, give us a chance to help with our trusted Private Money lending programs – just like was done below:

Recently Funded

Program: Investment Property Refinance
Loan Size: 904k
Location: Marin County
Why Came To Us: Self employed with difficult to prove income.

Program: Owner-Occupied Business Purpose Refinance
Loan Size: 720k
Location: Sonoma County
Why Came To Us: Wanted to do business debt consolidation to improve credit, and get extra cash to complete building an ADU behind a rental property, to create additional cash flow.

Program: Primary Residence Bridge Purchase
Loan Size: 642k
Location:  Santa Cruz County
Why Came To Us: Didn’t want to sell current house prior to buying a new home for the family, and couldn’t get a loan elsewhere due to high debt to income ratios.

We have helped many Borrowers get their loan done and funded fast! If you or someone you know are having a tough time getting approval from their Lender – give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com.  We’ll let you know quickly how we can help you not lose out on that refinance or purchase loan.

Retreat of the California Seller’s Market

April 25, 2023

Buyer'S Market

Real estate agents throughout the California regions are reporting a rapid shift in the market. Six months ago in quarter 2 2022, 95% of agents who were surveyed characterized their market as a seller’s market. In Q3, that number had declined to 51%, and in Q4 it fell to just 30% of agents.

Home Buyers in this wonderful state of California, are beginning to see more favorable conditions when it comes to pricing and competition for homes as the market continues to rebalance. This is in sharp contrast to the hot real estate and lending markets that we witnessed from 2020 to mid-2022, when agents consistently reported a buyer’s market at a rate of only 1%-2%.

An example of this market shift can be found in a study where 64% of agents say that most homes in their market are not getting multiple offers. This is reminiscent of the trend that began in Q3 2022.

Nearly 95% of all agents surveyed reported that the average days on the market for listings in their area is increasing. But because housing is retaining much of the staggering equity gains of the past couple of years, and the increasing interest rates affecting affordability, the situation isn’t a buyer’s paradise yet.

If you are planning to purchase or refinance your home but can’t qualify for a conventional loan, consider a private mortgage from Sun Pacific Mortgage (707-523-2099 – www.sunpacificmortgage.com). We have helped thousands of buyers just like you for the past 35 years with our family-owned company.

This Quick Draw Duo Wrangles In Loans!

April 20, 2023

April 3 We Have 1 Main Qualification:  At Least 25% Down Payment Or Good Existing Equity.We Wrangle In Those Loans Turned Down Elsewhere!

We have 1 main qualification:  At least 25% down payment or good existing equity.

How about letting us help wrangle in that loan your local Lender has turned down?!  We pay full commission to licensed Brokers as well as can pay referral fees to those who bring a business purpose loan to us that we fund.  See how we were recently able to help the Borrower below:

Loan of the Week

Program: Investment Property Financing
Loan Size: 862k
Days to Fund: 13 days
Location: El Dorado County
Reason Came To Us: A Mortgage Broker contacted us about a Borrower in need of a 860k refinance on his home, but due to poor credit after a difficult divorce and high DTI, he wasn’t qualifying for a conventional loan.  This is where our Quick-Draw Duo wrangled in that loan and within short order, the relieved Borrower and his Mortgage Broker had a completed loan through our family company!

This Quick Draw Due is at your service.  We won’t hesitate to help you or someone you know if we can, so send us your scenario today by email or phone at 707-523-2099, or visit our website at www.sunpacificmortgage.com.

A Look at Northern California Real Estate in April

April 18, 2023

Genmid.ndp2302742 1 2 Jpg If We Look Specifically At The Sonoma County Real Estate Market From Late 2022 Through Mid-April 2023, We Can See That Buyer Demand Seems To Have Rebounded From The Historic Mid-Winter Doldrums. The Signs That Things Are Looking Up Include The Percentage Of Listings Going Into Contract, Overbidding Picking Up, And The Days On The Market Decreasing.

If we look specifically at the Sonoma County Real Estate market from late 2022 through mid-April 2023, we can see that buyer demand seems to have rebounded from the historic mid-winter doldrums. The signs that things are looking up include the percentage of listings going into contract, overbidding picking up, and the days on the market decreasing.

The median home price in the 10 Northern California counties during the past 4 months through mid-March 2023 are indicative of a robust real estate market:

  • San Mateo County: $1,550,000
  • San Francisco County: $1,400,000
  • Santa Clara County: $1,393,000
  • Marin County: $1,248,500
  • Santa Cruz County: $1,150,000
  • Alameda County: $968,000
  • Sonoma County: $750,000
  • Monterey County: $702,500
  • Contra Costa County: $670,000
  • Solano County: $538,000

We have entered the seasonal period where inventory begins to pick up and some counties are even seeing selling prices exceeding asking prices.

If you need help with a mortgage loan because you need a fast closing or your credit is not up to par, give Sun Pacific Mortgage a call to see if you qualify for a private mortgage from us. You can reach us at 707-523—2099 or find us at www.sunpacmortgage.com.

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