Scary Loan Rescued for a Local Real Estate Agent’s Home Buyer

A local Sonoma County realtor referred his Home Buyer to me after being  reminded about our Hard Money program by another busy Agent. I immediately called the Buyers and got them preapproved.

Because the Buyers were combining households, their debt did not qualify them for a 30 year jumbo fixed rate bank loan. They had found a dream home in Sebastopol they had to have and they were able to come up with a decent down payment.  Unfortunately due to debt, they could not qualify for a conventional loan.  This is where we came in!

Sun Pacific Mortgage was able to fund this home loan of $555,000 for 12 months and close this on time.

Their real estate agent was very pleased because it happened so quickly and smoothly and, of course, the Buyers were equally excited to accomplish the purchase of their dream property in Sebastopol!

If you are looking for a loan in areas such as Santa Rosa, Napa, San Jose, San Francisco, Sonoma County, Rohnert Park, or anywhere in Northern California or Southern California, give us a call to learn more about how our Hard Money programs can help you! (707) 523-2099

We have helped rescue multitudes of turned down loans. Consequently, unhappy Home Buyers became very happy and thankful to the Agent or Broker who referred them to us.  

Sun Pacific Mortgage is uniquely qualified in that our underwriting is based on 2 things – loan to value and ability to repay.  Even our “ability to repay” is far more flexible than conventional underwriting.

We loan up to 70% of the value of the property and in some instances as high as 75%.  We do Jumbo Loans commonly.

See the below recently funded loans for a better idea of how we can help. Call us today at (707) 523-2099 or drop us an email with any questions or scenarios!

The Funded Loans Below Were All Turned Down Elsewhere:

Sea Ranch, California (Sonoma County)
Loan Program: Investment Property Purchase
Loan Amount: $245,000
Days To Fund: 5 days
Why Turned Down Elsewhere: Had FICO issues due to medical bills

Sunnyvale, California (Santa Clara County)
Loan Program: Investment Property Refinance
Loan Amount: $1,130,000
Days To Fund: 11 days
Why Turned Down Elsewhere: Owned “too many” properties

Guerneville, California (Sonoma County)
Loan Program: Owner Occupied Purchase Temporary
Loan Amount: $165,000
Days To Fund: 15 days
Why Turned Down Elsewhere: Property needed fixing

Indian Wells, California (Riverside County)
Loan Program: Land Loan Refinance
Loan Amount: $800,000
Days to fund: 11 days
Why Turned Down Elsewhere: Due to new employment didn’t have 2 years of taxes

North Highlands, California (Amador County)
Loan Program: Commercial Refinance
Loan Amount: $900,000
Days To Fund: 26 days
Why Turned Down Elsewhere: FICO was poor

Sebastopol, California (Sonoma County)
Loan Program: Owner Occupied Cash-Out Refinance
Loan Amount: $475,000
Days To Fund: 17
Why Turned Down Elsewhere: Had difficult to prove income, was self-employed

NOTE:  Get our financing despite credit score, difficult to prove income, need fast financing, property a fixer, etc.  We finance Jumbo loans, Bridge and short term loans, Primary Residence or Owner Occupied purchases and refinances, non-owner purchases for single and multiple units, some commercial and land!

We have always enjoyed watching David Letterman’s The Late Night Show and realized just as he had his “Top 10 reasons”, there are Top 10 Reasons to use Hard Money in today’s market:

10. You have written 11 [unaccepted] offers and now want to make the stronger offer.
9. You or your client needs a fast Bridge Loan to buy a new home for the family, before they sell the house currently being lived in.
8. A home loan was just declined by the bank that approved you or your client a month earlier for something on the credit report that somehow was missed at the start.
7. You want to consolidate some high-cost debt, have equity in your home so are looking to refinance but your Lender and local bank turned you down.
6. You have the “perfect loan” for a bank: Great credit, perfect income and big down payment. But the property in question needs fixing – Banks hate dumpy properties.
5. Three words: “Fourteen” – “Day” – “Escrow”! (Our latest record is 3 days!)
4. Money is needed for your long-awaited home remodel but your FICO is not good enough due to medical or student bills.
3. There was a recent Bankruptcy or a short sale not too long ago.
2. A Foreclosure occurred on your home or an investment property you owned.
1. And the #1 Reason… As a Hard Money Lender for almost 30 years – we say YES when others say no!

Call us today with your scenarios and let’s see how we can help you or your clients. (707) 523-2099

Refinance Using Hard Money

You have loanable equity in your property, whether it’s residential, commercial or land, and want to borrow against it.  Loanable equity means the amount you can borrow that exceeds what you already owe not to exceed 70% of the value of the property.  For example: you owe $245,000 and the value is $350,000.  There is no “loanable equity” as you are at the 70% limit.  Another example:  You owe $100,000 and the home is worth $350,000.  70% of $350,000 is $245,000 so this would mean you have $145,000 of “loanable equity”.

So you need money and you’ve tried your favorite bank, your favorite savings and loan, your favorite credit union, your favorite mortgage broker and gone on line and applied on several sites for a loan.  It’s been no, no, no, no, no and no in that order.      

The reasons you cannot get a loan are the exact reasons you need Hard Money.  It allows really bad credit, high debt ratios, problem properties, short job history, etc., etc., etc.

Refinancing can allow you to reduce your credit card debt, finance some home remodeling, pay for college tuition and more.  The money you were paying out for those non-deductible expenses is now being applied to a tax deductible expense – your home mortgage!

You really only need 2 things for Hard Money: #1 is equity and #2 is an ability to repay the loan.

It is a real tragedy that the Feds have so changed the lending standards with burdensome regulation so that there are not more options for borrowers looking to get at the loanable equity in their homes.  Hard Money is still around and getting to be a popular choice as it is the only game in town for so many.

Hard Money Loan of the Month
By Broker, Lead Loan Originator

Investment Property Purchase in Sea Ranch, California

Two weeks ago a borrower called needing a loan to buy a new Rental Property in Sea Ranch, California as part of a 1031 exchange.  Her current Lender was unable to perform with the speed that was needed to satisfy the 1031 exchange and the Seller’s needs.

The purchase price was $1,100,000 and she needed a loan amount of $745,000, making a loan-to-value of 67.7%.

This borrower called at 4:30pm on Thursday.  We got right to it and that same night got the loan approved with an interest rate of 8% for 5 years! The property was cross collateralized to another property she owns, giving a lower the loan to value, thus the better rate.

On Friday the loan was funded and Monday morning the loan recorded with the borrower’s keys in hand!

One of our favorite mottos is, “If we say it can be done, we’ll get it done!”  And another is, “We fund big loans, we cannot lie!”

Call our office at 707-523-2099 if you need some creative financing help for your real estate purchase or refinance.