Funded: $210,000 Private Money Loan in Vacaville, CA (Solano County)

            Vacaville, CA – Solano County Loan Summary: Single Family Home 3,296 square feet |  4 Bedroom / 3 Bathrooms* $210,500 Loan Amount 56% Loan-to-Value Owner Occupied The Funded Loans series is designed to give you a better idea of actual transactions we have recently closed. We hope the examples

A Scary Fact Your Real Estate Agent Might Not Tell You

Private Money Loans

Have you ever heard a friend or family member tell you they ‘had’ a loan approved only to find out later that their loan ‘fell through’ for some odd reason? This is unfortunate for some home buyers in today’s market, but it’s a reality of real estate.

Here are several facts you should know about real estate and loans:

Funded: $186,000 Private Money Loan in Oakland, CA (Alameda County)

          Oakland, CA – Alameda County Loan Summary: Condo – 3 Bedrooms / 2 Bathrooms 1,560 square feet (approx.) $186,000 Loan Amount 60% Loan-to-Value Non-Owner Occupied   The Funded Loans series is designed to give you a better idea of actual transactions we have recently closed. We hope the examples of

Why Condos are Tougher to Finance

Condos - Private Money Loans in California - Private Money Loans in Santa Rosa, CA

Are you looking to purchase or refinance a condominium in the near future?

If so, there are a few things you should know about condos that will make it harder to qualify for a loan compared to a single family home.  This article explains some of lending challenges that come with condominiums and how you can avoid potential delays in your loan process.

Funded: $60,000 Private Money Loan in Manteca, CA (San Joaquin County)

        Manteca, CA – San Joaquin County Loan Summary: Single Family Home – 3 Bedrooms / 3 Bathrooms 1,716 square feet (approx.) $60,000 Loan Amount (1st Lien Mortgage) 23% Loan-to-Value Owner Occupied   The Funded Loans series is designed to give you a better idea of actual transactions we have recently closed.

Are Interest Only Loans Good or Bad?

Loan Calculator

My Qualifier Plus mortgage calculator. I’ve had this bad boy for about 9 years now.

Are interest only loans good or bad?

That’s a great question. Actually, it’s kind of a trick question. Maybe even a little silly.

It is similar to asking whether lifted Chevy pickups are good or bad.

It’s a tough question to answer with a simple good or bad response because it really depends on your needs and goals. (What you’re trying to accomplish and where you are planning to go.)

So the better question would be, “Is an Interest Only loan the right option for me?”

Real estate loans with Interest-Only payments are certainly not the right fit for everyone.  With private money loans, however, the interest only option does make a lot of sense for many borrowers – especially on investment properties.

Mailbag: Basing the LTV on Appraised Value vs. Sales Price

Scenario / Question:

I am buying a property as a short sale and we have been waiting months for the seller’s bank to approve the sale.

The purchase price is $107,000 but the values are much higher now.  I expect the property to appraise at or above $150,000.

Can I get the loan approved at a 65% Loan-to-Value based on the current market value instead of the purchase price? Assuming the value comes in at $150,000, the loan amount would be $97,500.

Answer:

Funded: $329,000 in Graton, CA (3 Bed / 2 Bath with a Den)

            Graton, CA – Sonoma County Loan Summary: Single Family Residence on approx 1/3 Acre. 1,1712 sq. ft. | 3 bedrooms / 2 bathrooms + Den $470,000 Appraised Value $329,000 Loan Amount 70% Loan-to-Value Owner Occupied   The Funded Loans series is designed to give you a better idea of

Funded: $36,000 2nd Lien in Petaluma, CA (3 Bed / 2 Bath)

          Petaluma, CA – Sonoma County Loan Summary: Single Family Residence 1,895 sq. ft. | 3 bedrooms / 2 bathrooms $36,000 Loan Amount, 2nd Lien 53% Combined Loan-to-Value Owner Occupied   The Funded Loans series is designed to give you a better idea of actual transactions we have recently closed. We