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A Realtor’s Strong Right Arm

June 28, 2013

LENDER’S VIEWPOINT
by Broker, Forest Tardibuono

forest and his hat_small

As you have seen, the housing market values are only going up, but still the current prices are too good to miss out on.  And despite news about rates increasing, the interest rates are still within the range of 50 year lows!

Freddie Mac has reported that the rates for 30-year fixed mortgages rose about ½ percent in the past weeks.  These rates aren’t expected to rise more than ½ percent by this same time next year, as mentioned by National Association of Realtors, the Mortgage Bankers Association and Fannie Mae.

The bottom in home prices and interest rates has passed. Waiting no longer makes sense.

For renters, their rents will go up.  If rents go up in the next 30 years at the same rate they did over the prior 30 years then someone renting today for $1,600 will be paying $4,496 in 30 years. Why rent when you could buy?

Don’t be 30 years older, paying an outrageous rent and no accumulated wealth because you paid your landlords mortgage for all that time.  An increase in rates will obviously impact each home owner’s monthly mortgage payment so if you wait, you will end up just having to pay more!

I have saved the bacon for agents and conventional lenders on multiple transactions so far this year, closing several of them in a week.  If turned down elsewhere, I most likely can help if they have a decent down payment or other equity to work with.

Basically considered “all cash”, such loans are extra strong and can be used to purchase or refinance dump property, bad credit borrower, irregular income borrower, large cash out borrower, Bridge loans, etc.

Home ownership is not only desirable, it is the correct financial decision to make right now.

Best,

Forest


Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with 25 years of experience in real estate and lending throughout Northern California. His phone number is (707) 523-2099. See regularly updated website @ www.sunpacmortgage.com.

Sweetening The Current Market and Rates

June 17, 2013

Do these seem like lazy days of summer or what! School graduations, parties for the grads, vacation trips, heat that’s too hot. Perfect lazy days!

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Personally I am ready to get roaring again. I have 2 listings to sell (1411 Carlos Court and 5671 Monte Verde Dr. – hint hint) and want them to sell TODAY.

I’m pulling myself up by the boot straps and getting to work. Here are some “blogs” that got me going – because they have some good, true info for potential home buyers and they just make sense…..

Otto Kobler, Branch Manager of Summit Funding Mortgage Bankers in Santa Rosa sent out an email on current rates:

“RATES as of JUNE 17, 2013- SLIGHTLY DOWN for the week (Sweet!!). Finally a week that ended with rates a little better than the previous. Wow, that was six solid weeks of rates moving up. Hopefully rates pause and hang out at this rate for a long time.”

I also recently read this article on www.KCMBlog.com and thought you might find it interesting:

 

 

Buying a House: Is Now the Time?
http://www.kcmblog.com/2013/06/10/buying-a-house-is-now-the-time/

The real estate community is often criticized for always seeming to have a Pollyanna attitude
about the housing market. Many believe that the industry’s current call ‘to buy now’ is nothing
more than a scare tactic with the sole purpose of creating more commissions for the industry.
Let’s take a look at whether or not that advice was good advice over the last year.

The ‘cost’ of a home is determined by two major components: the price of the home and the
current mortgage rate. According to the most recent Case-Shiller Home Pricing Index, home
values have risen over 10% in the last year. If we look at Freddie Mac’s.
Weekly Primary Mortgage Market Survey®, the 30 year mortgage rate has increased from
3.67% to 3.91% during that same period.

The table below compares the cost of the same exact house over the last twelve months:

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We can see that the advice to buy a year ago made complete financial sense.

What About Moving Forward?

Most experts are not only calling for prices to continue to rise but are also
upgrading their projections as the housing market is showing strong signs of recovering.

Regarding interest rates, the 30 year mortgage rate has soared by over a half point already
this year and many believe that the increases will continue. Even those trying to be the voice
of reason on this issue are projecting higher rates.

For example, Polyana da Costa, senior mortgage analyst at Bankrate.com said: “Rates are
unlikely to keep going up so quickly and should remain below 5 percent.”

Bottom Line

The next time a real estate professional says that now is the time to buy they may not be
giving you a ‘sales pitch’. They may be giving you nothing but excellent advice.

Best, Lynn

Flipping properties in North Bay….when done smartly it’s good for everyone.

June 7, 2013

Flipping properties in North Bay….when done smartly it’s good for everyone.

 

Having done many loans in the past and currently for flippers, I am with Rick Laws and Patrick Barber on what they say (see below Pacific Union Bay Area Real Estate Blog of June 6 2013 “San Francisco, Santa Rosa Metro Areas Ranked Among Top 25 Spots for Home Flipping”).  The price ranges for flippers has increased and the luster being added back into neighborhoods is really good, I say.

houses and their reflection

Blog with full article: http://blog.pacunion.com/sf-santa-rosa-metro-areas-home-flipping/#disqus_thread

 

My wife, Lynn, as the “Flipper Chick” Realtor she is really familiar with the flip market right now.  She definitely is working extra hard to find the best properties for her client so he can fix them up well enough to pull in some profit.  Santa Rosa’s values are moving up so fast that it’s a constant gamble.

 

I always enjoy hearing what neighbors say about the run-down houses that get fixed up.  They only increase the value of their own house!  Below was a recent neighbor who emailed Lynn about her client’s/flipper’s good work:

 

“What a beautiful flip on Monte Verde.  I live a few doors down and it has been fun to see this property transformed in a short period of time.   What a GREAT job.  Please tell the owner the neighborhood appreciates the change. Enjoy this beautiful day.” Dorothy

 

If you have hard workers who take an honest passion in their job of fixing up a house, it will be good quality and they deserve any profit they make! Which is their living’s work.

 

Best, Forest

 

 

Forest Tardibuono is Co-Owner and CA DRE Broker known as “The Guy in the White Hat” of Sun Pacific Mortgage & Real Estate – Your Northern CA Hard Money Lender since 1988.  www.sunpacmortgage.com. DRE license #01464899/NMLS #360993

 

Hard Money Loans From The Guy in the White Hat!

May 2, 2013

 

 

 

 

Hello again everyone;

I wanted to let each of you know that I have many investors available to fund local loans, throughout Sonoma County and the contiguous counties.

 

It’s been a really busy month for hard money loans and I know with the current real estate market it isn’t going to quiet down, which is fine with me.

I like being able to work with many of you, helping your clients get their deal closed!

 

Below are recent hard money loans funded through my office.  I hope it gives you a better idea of how I can service you and/or your clients with hard money loans. 

 

Best,

Forest

RECENT HARD MONEY LOANS

 

Martinez, California – Refinance

Hard Money Loan of $280,000 for 60 months @ 8.5% interest only!  Borrower has owned this rental property for 12 years.  It’s a 4/2 and 1,430 sq. ft. with a 7,000 sq. ft. lot. Based on comps has a loan to value of 53.8%.

 

 

Healdsburg, California – RUSH loan for owner occupied purchase

Hard Money Loan of $220,000 for 85 months @ 9.25% interest only!  Loan to value is 36.67%.  The home is 3 bed/2 bath and 1,900 sq. ft. on a 19,119 sq. ft. lot (.44 acre) that was just completed.  Good looking home.

 

 

Mountain House, California – Owner occupied purchase

Hard Money Loan of $150,000 for 85 months @ 10% interest only.  Loan to value based recent appraisal is 40.5%.  The home is 4 bedroom, 2.5 bath of 2,791 sq. ft. on a 6,098 sq. ft. lot.  Very nice home.  Good loan to value.

 

 

Oakley, California – Owner occupied purchase

Hard Money Loan of $245,000 for 85 months @ 10.25% interest only!  Loan to value is 70%.  The home is 4 bed/3 bath and 3,486 sq. ft. on an 8,838 sq. ft. lot that was built in 2007.  Nice looking home.

 

 

 

Oakland, California – RUSH loan for non-owner purchase

Hard Money Loan of $93,750 for 24 months @ 12% interest only.  Purchase price is $125,000.   Loan to value is 75%.  This is a duplex.  Units are each 2 bed/2 bath of 788 sq. ft. on 4,791 sq. ft. lot built in 1946.  Buyer is a busy realtor. This is my 5th loan to her.

 

 

 

Santa Rosa, California – Owner occupied purchase

Hard Money Loan of $80,000 for 85 months (@ 12.0% interest only.  Loan to value of 70%.  The unit is a 2/1 at 816 sq. ft. built in 1959.

 

 

 

Forestville, California –  Refinance

Hard Money Loan of $50,000 for 85 months @ 8.0% interest only!  This is a cash-out refinance for a property that was purchased all cash in March 2012 for $140,000.  Loan is 35.72%.  The home is 2 bed/1 bath and 908 sq. ft. on a 6,534 sq. ft. lot built in 1950.

Borrower stated they did spend $45,000 to $50,000 remodeling the home.

 

 

Stockton, California – Non-owner purchase

Hard Money Loan of $53,000 for 36 months @ 13.0% interest only.  Loan to value is 70%.  This is a short sale that is finally happening.  This is a 4 plex.  Rents will be from $750 to $900.  Buyer has been a real estate agent for almost 4 years.  This will be the 4th loan I have done for her.  She has decent credit and great income.

 

 

Our loan approval is based on just 2 criteria:

1. Good Down Payment

2. Ability to Repay

  • Owner Occupied and Investor financing
  • FAST private money purchase financing Sonoma County and contiguous Counties
  • FICO is not a factor
  • Up to 75% loan-to-value – Case by case basis
  • Lower rates with Good Compensating Factors– Case by case basis
  • Loan amounts from $40,000 – $2 million
  • Fast refinancing.

 

SPECIAL NOTE: WE CAN DO A LOAN FOR SOMEONE FRESH OUT OF FORECLOSURE, BANKRUPTCY OR SHORT SALE!

 

 

 

CALL FOREST – The Guy in the White Hat – at (707) 523-2099;

Or email him through the website at: www.sunpacmortgage.com

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A California Private Money Lender You Want To Do Business With

April 5, 2013

 

The below article (reprinted with permission) is an exact description of the relevance and importance of Private Money Lenders here in Sonoma County, in the USA and probably planet wide.

If we left it to the bailed out banks, zero money would have been lent during the years of the most recent real estate debacle.

The dust is finally settling on who remains standing in the real estate lending arena.  It really boils down to the “A” lenders who do the 30 year fixed loans and the Private Money Lenders.  There are no more “B” and “C” lenders.  There is no subprime lending.

There is no World Savings with their Quick Qualifiers and stated income programs.

After you take your shot with the “A” lender(s) and they say “NO”, you go straight to Private Money.  These Lenders stand ready and willing to fuel the future of real estate in America today.

Article: TheNicheReport “PRIVATE MONEY LENDERS HAVE FUELED THE REAL ESTATE RECOVERY“  by Corey Curwick Dutton, a private money consultant for Private Money Utah. www.PrivateMoneyUtah.com
 

Best,

Forest Tardibuono

Owner/Broker – The Guy in the White Hat

 forest and his hat_small

Get California Hard Money Loans From This Posse

March 15, 2013

Below are recently funded loans through my office. I have been extremely busy with the many loans coming into our office, but don’t think this will put your loan on a back burner.  Oh no, we give fast and friendly service to every single person!

Please take a look at these loans, to see if you have similar scenarios that I could possibly be of service to you.  If you or someone you know has been turned down elsewhere for a real estate loan, don’t hesitate to contact me if there is any equity involved or some cash for the down payment.

No matter where you are in Northern California, when you think of Hard Money – big or small loans – think of The Guy in The White Hat at Sun Pacific Mortgage and Real Estate to fund that loan!

 

Best,
   Forest

 

                               Funny and Informative Video: http://youtu.be/k5wcwytcWes



FUNDED RECENT HARD MONEY LOANS

 

Owner Occupied Purchase Loan: Lincoln, CA – $130,000 for 85 months @ 8.0% interest only.  Purchase Price is $280,000.  Loan to value is 46.4%.  Home is a 2 bed/2 bath at 3,086 sq. ft. built in 1938 on almost 1/3 acre lot.  This home sold for $630,000 on 8/2/2006!

 

Investment Property Loan: Earle Street, Santa Rosa –$140,250 for 85 months @ 11.5% interest only.  Purchase Price is $187,000.  Loan to value is 75%.   The home is a 3 bed/1 bath at 1,037 sq. ft. on a 4,356 sq. ft. lot.  Buyer has 15 years in the same line of work and she can easily afford the home.

 

Commercial Loan: Foothill Blvd, Calistoga –$400,000 at 12% interest only for 60 months.  Appraised value as of 12/10/2012 is $930,000.  Loan to value is 43%. Borrower has owned the property since 1991 and her parents owned it before that.  2 of the 3 units on the property are rented for a total of $8,000 monthly.  She is currently under negotiations for a tenant for the 3rd unit.  The longest term tenant is an auto repair shop.

 

Owner Occupied Purchase Loan: Crockett, CA – $128,175 for 85 months @ 12.0% interest only.  Purchase Price is $170,900.  Property is 2 bed/1 bath at 1,309 sq. ft. The lot is 5,670 sq. ft.  The Buyers have FICO scores in the 680+ range, very little debt, the husband has been on the same job for over 7 years and has great verifiable income.

 

 

Our loan approval is based on just 2 criteria:

1. Good Down Payment

2. Ability to Repay

  • Owner Occupied and Investor financing
  • FAST private money purchase financing Sonoma County and contiguous Counties
  • FICO is not a factor
  • Up to 75% loan-to-value – Case by case basis
  • Lower rates with Good Compensating Factors– Case by case basis
  • Loan amounts from $40,000 – $2 million
  • Fast refinancing.

 

SPECIAL NOTE: WE CAN DO A LOAN FOR SOMEONE FRESH OUT OF FORECLOSURE, BANKRUPTCY OR SHORT SALE!

 

 

 

CALL FOREST – The Guy in the White Hat – at (707) 523-2099;

Or email him through the website at: www.sunpacmortgage.com

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New Year – New Regulations Loan Structure in My Office

February 11, 2013

 

LENDER’S VIEWPOINT
by Broker, Forest Tardibuono

New Year – New Regulations Loan Structure in My Office

I want this article to be nothing but positive, because that is my attitude going in to this new year in the face of new regulations.  A lot of new regulations.  Tons of new regulations.  More friggin’ regulations than you can shake a stick at.  But I digress.

I just read that the new laws regarding loan originator compensation are 541 pages!  Sorry, digressing again.

I only do Hard Money loans.  They break out into 2 rough categories – Owner Occupied Principal Residence and Investor loans.  Investor loans is the broader category because an investor is someone who is buying or refinancing something other than an owner occupied principal residence, be it land, commercial or mixed use property.

My strength is in loan amounts around $400,000 or less.  I do larger loans on what I deem a case by case basis.  I have gotten many, many loans over $400,000 done, but the real sweet spot with my investors is $400,000 and under.

Rates in my office for both owner occupied and investor loans vary according to the loan to value.  The higher the loan to value the higher the rate.  I will lend as high as 75% loan to value but more normally I lend to 70% loan to value.  So the higher rates in my office will be at those LTVs or loan to values.

Credit can affect the rate a Buyer or Borrower gets. If it’s really bad and fresh stuff – like a recent short Sale, foreclosure or bankruptcy, it can affect the rate.  Not always, but sometimes.

Income is now something the Feds have compelled us to look at for hard money, especially the owner occupied loans.  Debt ratios need to be under about 50% or there needs to be enough disposable income after paying all monthly debts.

That’s pretty much the structure in my office.  The complete line-up of available loan programs across the USA is a much shorter list than in years past.  There are A paper loans for borrowers who have good credit scores and good verifiable income.   And then there is Hard Money.  There used to be a lot of in-between programs like subprime loans, B and C paper, etc.  The in-betweens have virtually all gone away.

I can Pre-Approve someone in about 5 minutes and can write a Pre-Approved Letter right after doing the loan application. You can always call me and run your loan scenario by me.  I pick up the phone and I am really great with emails.

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with 25 years of experience in real estate and lending throughout Northern California. His phone number is (707) 523-2099. See regularly updated website @ www.sunpacmortgage.com.

Real Estate and Buying A Home – On A High Horse But A Good One!

January 9, 2013
http://www.youtube.com/embed/W4ZL74Mbj-s

 

LENDER’S VIEWPOINT
by Broker, Forest Tardibuono

“High Horse” – In a Good Way

“Get off your high horse” is a request to someone to stop behaving in a haughty and self-righteous manner.

But notice that a high horse is a common depiction in statues of leaders. These conjure images of a leader on his horse, commanding masses of his men.

The latter is what The Guy in the White Hat has as a purpose in these Viewpoint Articles. I am not a leader of men and I don’t even own a high horse, but I am trying to lead people to home ownership in spite of negative press, oppressive regulation and the naysayers.

These serve to have a “chilling effect” on those who would be buying a home but aren’t because of the negative effects promoted by whatever sources.

On my high horse, The Guy in the White Hat is here to tell you that home ownership is not only desirable, it is the correct financial decision to make, especially right now. I was at the local Realtor® breakfast this week and the CEO of the California Association of Realtors was a special speaker. He said that the current market – nationally – is an “opportunity of a generation.” Real estate prices are at rock bottom and interest rates are at 50 year lows! How often do you see an “opportunity of a generation”?

In my business as a Hard Money Lender, I am the busiest in years, with people buying homes in spite of having to put 25% to 30% down and getting the highest rates in the industry. These people are not chilled whatsoever. They have simply decided to overlook all the negative out there and buy while the buying is especially good.

So don’t be “chilled” to do what you know to do and want to do. Take advantage right now, of the opportunity of a generation.

High horse in a good way! Right?

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with 25 years of experience in real estate and lending throughout Northern California. His phone number is (707) 523-2099. See regularly updated website @ www.sunpacmortgage.com.

Make the Winning Offer

November 29, 2012 No Comments

 

Make the Winning Offer

Who doesn’t want to know how to beat out the other purchase contracts in today’s multiple offers and lower inventory markets, and buy that house!

There was a really good article in the Wall Street Journal recently about Hard Money loans.  It was informational to borrowers and investors alike.  It spoke of the fact that Hard Money loans will account for 1% of the 5.5 million home loans originated this year, up sharply from prior years.

It mentioned “Hard Money” filling an important void.  Look at just a few instances:

 

  1. You are 1 of 12 different offers with a highest-and-best counter, on a house you really want to live buy.  You have the ability to put down 30% of the purchase price and get pre-approved for a hard money loan with a quick call to a good local Hard Money Lender.  You remove loan contingencies, increase your earnest deposit and make a 15 day closing date and your offer gets accepted!  Now this is a scenario where you win and Hard Money can fund that loan!
  2. You just did a short sale on your home and want to buy another one.  Your favorite bank won’t even talk to you.  You know that prices are at rock bottom and you can buy the same home that you bought 5 years ago for $400,000 now priced at $250,000!  Hard Money can fund that loan!
  3. You lost your job and your credit is shot.  You now are back to work making the same money and you want to buy a house.  You’ve got 30% down.  No bank will touch you as your FICO score is 525.  Hard Money can fund that loan!

 

The Wall Street Journal article further states that the fees and rates are no doubt higher than a bank, but it is well worth it as “no bank is willing to listen.”

The real gist of this article is to not give up about buying a home; It just takes a strong and strategic offer to beat out all the others, despite not being the one with the most cash!

Even at Hard Money rates (some of which I’ve gotten funded as low as 9%)  its worth it because you’d be getting in at the bottom of the market and down the road could refinance to a 30-year fixed rate loan once qualified again.   Your gain from buying at the right time can offset the cost using Hard Money.

Take advantage of a Hard Money loan or help your potential Buyers succeed at getting into a new home by directing them to such versatile financing!

CREDIT – The Bane of Home Loan Approvals

November 29, 2012 No Comments

 

CREDIT – The Bane of Home Loan Approvals

This aspect of qualifying for a home loan boils down to good credit versus bad credit.

The lenders left in the mortgage market arena, let’s call them institutional lenders, the ones that are offering the 30 year mortgages at historic low rates, require good credit (among other things).

Hard Money lenders allow bad credit. Institutional lenders will make you wait years after you have a bankruptcy, foreclosure or short sale before they will lend to you.

Hard money lenders will loan to you immediately after any of those events and even while you are going through them!

Same with recent credit problems including 30, 60, 90, 120 day lates, judgments and/or collection accounts.  Institutional lenders hate these.  Private money lenders can do a loan in spite of these.

Hard money lenders generally require just 2 things:

  1. Equity or a good down payment and
  2. Ability to repay the loan.

 

Look at the important role played by Hard Money:  Guy has a free and clear property.  He fell on some misfortune and his credit was damaged.  He makes plenty of money and he has no house payment.  He goes to his favorite bank where he’s been for 25 years.  Loan denied due to bad credit.  He calls a loan officer friend who works for a bigger bank who tells him he’s out of luck due to bad credit and to come see him in a couple of years.

This guy has a free and clear property and none of the institutional lenders will lend to him due to bad credit.   A Hard Money broker will do this loan!  There is equity and ability to repay.

Let’s say you have a happy couple who make good income and have saved up enough for a decent downn payment to buy a house.  They filed bankruptcy a year earlier which included a short sale so no bank will help them out.  Yet a Hard Money broker will do this loan as they have decent down payment and ability to repay!

This handles the credit aspect of a loan.  Give me a call today and let me help you and your Buyer(s).

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