Hard Money / Private Money

Can We Make Your New Year Sparkle Brighter?

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May Your New Year Sparkle Brighter with Private Money!

Avoid any loan slows or disapprovals by coming to us for a FAST Private Money mortgages that’ll make your New Year sparkle brighter!

Loan of the Week

Program: Investment Property Refinance
Loan Size: 1.07 million
Loan to value: 69%
Location: Santa Clara County
Why Came To Us:  Borrower was sent to us by their Agent as their conventional lender backed out at the last minute, credit not reaching desired level.  They were in Escrow already, to pull cash out of an investment property as the down payment on a new primary residence. They were about to lose out on a new home if this refinance wouldn’t go through.  We didn’t want to let this happen!

Our specialty is speed and those turned down elsewhere.  If you, a family member or friend falls short of qualifying for a conventional loan call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com.  We’ll let you know how we can help to start your New Year off with a sparkle!

Investing / Real Estate Investor

2022 Housing Market Forecast for Single-Family Homes

2022 Housing Market Forecast for Single Family Homes

Good news and bad news were recently posted by the California Association of Realtors (C.A.R.) regarding the economic outlook on housing. The bad news: supply constraints and higher prices will bring California home sales down slightly in 2022. The good news: transactions will still post their second highest level in the past five years.

C.A.R. sees a decline in existing single-family home sales of 5.2% next year (416,800 units) down from the projected 2021 sales figure of 439,800.

The median home price is forecasted to rise 5.2% to $834,400 following a 2021 projected increase to $793,100 (20.3%).

According to C.A.R. President Dave Walsh:

“A slight decline next year from the torrid sales pace of the past year-and-a-half will be a welcome relief to potential homebuyers who have been pushed out of the market due to high market competition and an extremely low level of homes available for sale.”

Economists look for the cyclical effects from the latest economic downturn will wane, and a strong recovery will follow. Demand for homes will continue to outstrip available supply as the economy improves, resulting in higher home prices and slightly lower sales in 2022.

If you are thinking about refinancing or buying a home in 2022, but do not qualify for a conventional mortgage, give Sun Pacific Mortgage a call at 707-523-2099 to discuss our available privately funded loans. Or visit our website at www.sunpacificmortgage.com. We offer owner-occupied and investment property loans for purchase, refinance, and bridge loan.

Hard Money / Private Money

How Affordable is Housing in the North Bay Counties?

How Affordable is Housing in the North Bay Counties

In a recent study, California’s Association of Realtors (C.A.R.) measured the percentage of households that can afford to purchase a median-priced, single-family home in California. This index is considered the most fundamental measure of housing well-being for home Buyers in the state.  Here are their findings for the North Bay Counties as of Q3/2021:

NAPA

  • Median Home Price:  $930,000
  • Monthly Payment incl. taxes & insurance:  $4,230
  • Minimum Qualifying Income:  $169,200

SONOMA

  • Median Home Price:  $765,000
  • Monthly Payment incl. taxes & insurance:  $3,480
  • Minimum Qualifying Income:  $139,200

LAKE

  • Median Home Price:  $352,000
  • Monthly Payment incl. taxes & insurance:  $1,600
  • Minimum Qualifying Income:  $64,000

MENDOCINO

  • Median Home Price:  $554,000
  • Monthly Payment incl. taxes & insurance:  $2,520
  • Minimum Qualifying Income:  $100,000

If you’re in need of a mortgage loan, but do not qualify for a conventional loan from a bank or financial institution, consider a privately funded loan from the Investors at Sun Pacific Mortgage.  Call us at 707-523-2099 to discuss your options or visit our website at www.sunpacificmortgage.com.

Hard Money / Private Money

Don’t Be Left Out In The Cold!

KEN ARI MONEY christmas crop

Feeling Left Out In The Cold? Don’t Be!

We have a solution for you, a friend or family member who has been left out in the cold as they can’t get the home financing they need: Fast Private Money! Below is just one of the many ways we can help make Holiday merrier:

Loan of the Week

Program: Owner-Occupied Rush Purchase
Loan Size: 1.3 million
Loan to value: 63%
Days to fund: Just 13 days!
Why Came To Us:  Broker from Contra Costa County referred his client to us after being turned down with conventional Lender, due to self-employment.  Buyer had a high FICO and good down payment so it wasn’t difficult to get his loan quickly financed by one our Investors!

With needs for faster refinancing or a desire to create stronger purchase offers, Private Money can give you the edge they need in this competitive market.  Our Private Money mortgages can get you, a friend or family member into a warm Home for the Holidays!

Email your scenario by visiting our contact us page here or Call Us at 707-523-2099 to see how we can help.

Investing / Real Estate Investor

SoCal Real Estate Cools Down—But Only a Bit

SoCal Real Estate Cools Down—But Only a Bit

In recent months Southern California has seen a slight cooling of the cutthroat housing market. Perhaps it is due to home shoppers tired of losing bidding wars and who, subsequently, put their search on hold temporarily.

As one Realtor put it: “What we are seeing is just a minor slowdown. Buyers can just expect slightly less pain.”  Where once you might see 20 offers on a property, now you see 4. Better, but still not easy.

In October, home prices in the 6 counties of Southern California rose 14% from a year ago reaching an all-time median high of $690,000. Sales declined 6.6%, the first drop since June 2020.

Up until now, home prices were rising faster than they had for years for a variety of reasons:  low inventory, record-low mortgage rates and an influx of millennials into the market. The pandemic also drove more people to seek out more space, and first-time home Buyers left pricey city rentals for a home of their own.

Most economist don’t see these price increases continue at the pace we have been seeing over the past couple of years, yet most homes still sell above their list price.

Here is a snapshot of what we have seen in the market over the past year:

  • In LA County, the median home price rose 10.5% to $790,000, while sales fell 0.9%.
  • In Orange County, the median home price rose 15.7% to $920,000, while sales fell 13.6%
  • In Riverside County, the median home price rose 20.2% to $535,000, while sales fell 6%.
  • In San Bernadino County, the median home price rose 16.3%, while sales fell 5.3%.
  • In San Diego County, the median home price rose 13.8% to $740,000, while sales fell 12.4%.
  • In Ventura County, the median home price rose 10.7% to $725,000, while sales fell 6.5%.

If you are thinking of wading into the market this coming year, now that the frenzy has waned slightly, but have been turned down for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website www.sunpacificmortgage.com. We have helped thousands of Borrowers just like you achieve their dreams with a private loan from one of our many Investors.

Hard Money / Private Money

Make Your Season Merrier – Loan of the Week!

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Financing To Make Your Season Merrier!

Are you in need of a mortgage for a home purchase?  How about a fast Bridge loan?  Private Money Loans can provide FAST Cash!

Let us make your holiday season merrier by helping you get more Buyers into homes – like we did below:

Recently Financed Buyers:

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We can be reached at 707-523-2099 or by visiting our website here, for any of your questions or scenarios.  We’ll quickly let you know what we can do to help make the holiday season merrier for you!

Hard Money / Private Money

Private Money Mortgage Lending

Do You Know Your Loan Purpose Could Make Or Break Loan Approval

With the Real Estate boom we have experienced over the past couple of years, there is an increasing demand for real estate investments financing. One type of financing for investment properties may come from a private lender, and just like with a traditional lender, the Borrower agrees on a set interest rate and timeframe that they will pay the loan back. With Private Lenders, rates are generally higher and the loan period is shorter. These loans are secured by the property’s equity and if the Borrower fails to make payments on time, just as with a traditional loan, the property can be foreclosed on, and the Lender takes possession.

In most cases, a Private Money Lender will focus more on the value of the property and its potential for returns, rather than the Borrower’s income and/or net worth.

Here are some aspects of borrowing Private Money, also known as Hard Money:

  • Hard Money loans are meant to be short-term, temporary financing. This may be necessary because the Borrower needs a fast close, has difficulty proving income, or has a less than desirable FICO score.
  • The interest rates vary depending on several factors:  Loan To Value primarily then a bit relating to property condition, location, or risk.
  • Percentage points (fees to access funding) will vary but they are never up-front costs.  These are how the Broker is paid.
  • Additional fees include:  Escrow costs, appraisals, wire fees and other miscellaneous administrative fees.

When you are in need of a real estate loan, the following information will be required of you:

  • The Loan Application, also known as a 1003
  • Any signed Purchase Agreement or Copy of Mortgage statement
  • Property Insurance Quote/Insurer’s information
  • Something showing income (bank statement, W2, tax return, CPA letter, etc.)

Sun Pacific Mortgage has been in the business of Private Money lending for 33+ years in California and has the expertise, plus knowledge needed to make your Borrowing experience less stressful. Give us a call at 707-523-2099 or visit our loan programs page to see what we can do for you.

Hard Money / Private Money

Sleigh What? Fast Home Loan!

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We Fund Loans FAST!  After 33 years of experience, we are specialists at FAST Private Money Mortgages.  We’re here to help you, a family member or a friend get that fast home loan for the Holidays.

Loan of the Week

A Sonoma County Agent referred his Buyer to us after being turned down by her conventional Lender, 27 days into a 30-day Escrow.  Despite being very qualified, this Buyer was turned down by Underwriting at the last-minute due to an issue with proof of income.

In just 5 days we had her owner-occupied Bridge Loan of 946k approved and funds ready for her new home purchase!

One of our specialties here at Sun Pacific Mortgage is fast turnarounds, so if you or someone you know is in need of fast financing or having difficulty elsewhere getting a mortgage, give us a call at 707-523-2099 or contact us through our website. We will quickly let you know what we can do to help!

Hard Money / Private Money

Fast Help for You – Recently Financed

Fast Help for You – Recently Financed

Let Our FAST Home Loans Help!

Are you in need of a mortgage for a home purchase?  How about a fast refinance?

If you need FAST financing or don’t qualify for conventional financing – yet, let us help you with our FAST Private Money Loan Programs, just as we did below:

Recently Funded

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We can be reached at 707-523-2099 or via our website at www.sunpacificmortgage.com.  We’ll quickly let you know what we can do to help you!

Hard Money / Private Money

Bridge Financing with Sun Pacific Mortgage

Bridge Loan

One of our most sought-after financing programs, especially since the influx of multi offers occurring in home buying, has been our Bridge and Temporary Private Money Loan Programs.

Competition has been stiff over the past couple of years, prompting the need to make stronger initial purchase offers. Many of our Borrowers are looking for a solution that will allow them to purchase property before completing the sale of their existing home. The Bridge loan eliminates the need for any contingencies based on the sale of ones present home!

The Temp and Bridge loan programs also offer the use of equity, for assistance with a down payment on the new property.  We have devised a program that allows a term of 11 months with no prepayment penalty.  Rates primarily depend on Loan To Value.

If Private Money seems like a solution to your concerns about selling your home only to find you can’t find a replacement, give Sun Pacific Mortgage a call. With this program you can shop for your new house without the worries of your home selling in time.

We can be reached by phone at 707-523-2099 or by email through our website contact form: www.sunpacmortgage.com.

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