Last month a borrower called needing a short term loan on a distressed property in Oakland, which he wanted to fix up and sell (flip).
He was in contract with a purchase price of $790,000, requesting a loan of $593,000 – a 75% loan to value loan for this distressed property in Oakland.
We got right to it and within 1 day, had loan approval with a 9.75% interest rate for a 3 year loan!
One of our favorite mottos has become, “If we say it can be done, we’ll get it done!”.
This Bay Area rehab loan was a win-win for all.
Our family owned and operated Hard Money financing company, Sun Pacific Mortgage & Real Estate has served all of California since 1988. We have become known as The Guys in the White Hats and we offer short term (1-5 years) hard money loans for residential, owner occupied and non-owner occupied (SFR and multi-units), as well as for some land and commercial real estate.
Our loan amounts range from $100,000 on up through jumbo size mortgages ($400K - $1,000,000+) and interest rates range from 8-12%, interest only.
Hard Money Loan of the Month,
By Ken Walker, Lead Loan Originator at Sun Pacific Mortgage & Real Estate