Beau Eckstein- Hard Money Loans California

Flipping Real Estate in Today’s Market with Hard Money Loans

We are currently working with numerous real estate investors that are actively flipping homes using Hard Money Loans provided by our company Sunrise Lending Group.

Here is the skinny about securing financing for fix and flip deals. Let’s be realistic if you are a first time flipper you are not going to get a 100% LTV hard money loan. If you are a seasoned investor and have some compensating factors such as a property that we can cross or a slam dunk deal there is a possibility to get in with zero out of pocket but this is rare!

So what are hard money lenders in California looking for?

1. Project Description with pictures
2. Investor Resume
3. Construction Budget
4. Contractor Information

Okay so how long does it take to get an underwriting decision for a hard money loan for a California property?
We will take a look at the deal within 24 hours and we will usually set an appointment to meet with you at the property within 3 days from submission. That being said we are located in the San Francisco Bay Area so if you are in close proximity it makes our job easier.

Typically, you will meet with me direct and one of our fund managers and this is our time to really get a good snapshot of your project and meet with you and the other principals involved.
Call me today and I would be happy to answer any questions that you may have. We have funds available and we are the premier jumbo construction lender in California.

Fix-n-Flip Loans for San Francisco Bay Area Properties

Did you know that now is a great time to be a real estate investor even with the current economic crises?
The problem most investors have is the availability of financing for fix-n-flip type deals. The great news is that Sunrise Lending Group, a local private money direct lender, has available capital and will lend up to 100% of the purchase price.

The loan to value ratio and down payment requirements are dependent on a few variables and underwriting decisions are made quickly. We have no problem lending on several of your projects at the same time if they pencil out.

Our fix-n-flip loan program has a minimum loan amount of $350,000 and we will lend up to $3,000,000 for larger renovation projects such as TIC projects and luxury estate properties.
For a loan submission on our fix-n-flip loan program we need to know the following:
- Subject property address
- Purchase price
- Line item budget
- Future value (after the work is completed)
- 1003
- Brief letter of your real estate experience

Some of our basic terms for our fix-n-flip loan program are:

- Available Only on N/O/O 1-4 unit SFR Properties
- Property Must Be Located Within 60 Miles of Bay Area
- Loan Amount Cannot Exceed 65% of After Repair Value
- Interest reserve account optional

We also have a large network of investors looking for deals and who are open to partnering or paying finder fees for great projects.

Our fund is well known for its jumbo fix-n-flip loans (over a million dollars) and there are few players in that price range - so call us today!

Jumbo Renovation/Rehab Loans for California Properties

Do you own an existing property that needs a major remodel? Have you found a great investment property that needs to be completely rehabbed?

Sunrise Lending Group offers a unique renovation loan program for investment properties in the San Francisco Bay Area and throughout California.

Most California renovation loan programs only go to a loan amount to 400k. There is a huge market for high end luxury market remodeling loans.
For an example, look at San Francisco properties with an average sales price of over $900,000. Therefore, all the rehab or renovation loan programs are pretty much eliminated in the San Francisco market.
The question then becomes how does the investor get a jumbo renovation loan in California?
First, the following are a few questions to determine if your loan request is feasible at this time:

- How much money can I bring to the table?
- Have I successfully rehabbed/renovated before?
- What is my exit strategy?
- What is the fire sale value of the property when finished?
- Is my budget realistic?
- Am I putting the right finishes on the property?
- Do I have any other property that I can cross collateral on my first deal?
- Is my property in a highly desirable area?

As an investor In the luxury market there is a much greater risk factor compared to rehabbing entry level homes. However, if properly planned with the help of, the rewards are enormous.
We have put together an excellent team at Sunrise Lending Group and would be happy to help you structure your next investment. Whether you are in need of an acquisition loan or if you already own the property - we are here to help. We also specialize in construction completion loans, bridge loans, and large renovations loans.
To get started please visit www.sunriselendinggroup.com

Spec Construction Loans in the Bay Area and throughout California

What are spec or “speculation” construction loans? Contractors, builders and developers who are building a home without a guaranteed sale or take-out loan upon completion are said to be building on “spec”.

These spec loans are considered to be a much higher risk of default compared to an owner occupied type deal. Thus most institutional lenders will not lend on a spec construction loan in our current economic environment.

Many spec builders who have been highly successful over the years are incredibly frustrated that the banker they have been working with for the past 20 years will not make a loan to them today on even better quality projects.

“Private money” or “hard money” lenders in the past also would lend on these spec construction loans but almost all of them have frozen their lending programs for construction loans.

In the Bay Area and throughout California many builders have projects ready to break ground but can’t get the funds to start. They have already invested heavily in soft costs; permits, grading, plans feasibility studies, and so on. The construction lending environment is putting a real strain on them financially and this is also hurting our economy. From the tax dollars generated, from the jobs it creates, California is really dependent on our construction industry.

Well here is the good news...Sunrise Lending Group, located in the San Francisco Bay Area, is a direct private money lender who specializes in spec construction and renovation loans throughout California.

What really gets us jazzed are loan amounts between $500,000-$2,500,000. We prefer permits in hand and a shovel ready project on new construction loans.

We lend up to 65% of the future value of the property. We can pre-approve your loan request typically within 48 hours and our approval process is very straight forward. We charge no upfront fees and the only out of pocket expenses would be an appraisal and a budget review.

Sunrise Lending Group also offers short term interim financing, business loans and several other niche loans. Call today for more information 1.925.566.8426 to apply for a loan visit www.sunriselendinggroup.com

Many private money lenders and hard money lenders are looking to finance within the San Francisco Bay Area. The Bay Area offers tremendous real estate opportunities and private money loans are readily available.

Private lenders in San Francisco are looking for projects with a well thought out exit plan and they also always want some of their own money in a deal. Hard Money Loans usually range from a two-month term and may be written for two or three years. Real estate investors often utilize Hard Money Loans for investing in San Francisco Bay Area real estate. Many investors find themselves in a never-ending battle of moving money around, with much of their net worth trapped in their real estate holdings. Hard Money Loans offer a very fast approval process with far less red tape compared to institutional lenders. Private Money Lenders base the majority of underwriting decisions on the collateral they are lending against, and they are typically not credit score driven.

The following are the most common types of Hard Money Loans that are offered in the San Francisco Bay Area:

• Rehab or Renovation Loan - In most cases, a rehab loan can be used to make improvements on the property and also to purchase the property. This may allow the purchaser the ability to get a loan for more than the current value of the structure. With Hard Money Loans the lender usually would like to see at least 30% of the acquisition price being put down on a purchase.
• Bridge Loan- Interim financing is offered by Private Money Lenders for an individual or business until permanent or a new form of financing can be obtained. Money from the new funding source is generally used to "take out" (i.e. to pay back) the bridge loan, as well as other funding needs.
• Spec Construction Loan- Contractors, builders and developers who are building a home without a guaranteed sale or take out loan upon completion are said to be building on “Spec”, which is short for “Speculation.”If you are searching for a Hard Money Loan in the San Francisco Bay Area keep these key factors in mind

If you are searching for a Hard Money Loan in the San Francisco Bay Area keep these key factors in mind.

1. Do I have skin in the game (Money, collateral, etc…)

2. How will the loan be repaid?

3. Is my project in a desirable location?

4. What is the “true value” of the property if it had to be sold in 30 days or less?

I hope this took some of the mystery out of Hard Money Loans in the San Francisco Bay Area. If you have any additional questions please contact me or for more information please visit www.sunriselendinggroup.com