We Specialize In These SoCal Area Communities

Alhambra - Arcadia - Duarte - Azusa - Pasadena - West Covina - Chino Hills - Diamond Bar - Glendora - Fullerton - Rancho Cucamonga - Brea - Walnut

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Southern California Real Estate Agent: The Merits of the Small Business Administration Loan

The Small Business Administration loan is a product that not many people know about, but it can help you to purchase a commercial property with a business for as little as 10% down. In some cases, the loan can be 100% financed. 

Under the U.S. Small Business Administration’s various SBA loan programs, you can borrow money for nearly any business purpose—including adding to working capital, purchasing equipment, refinancing other debts, buying real estate, or even funding the acquisition of other businesses.

The minimum loan amount is $5,000, and the maximum amount is $5 million. Loan terms can range from five to 25 years, and interest rates on these loans usually range from 6% to 13%. 

SBA loans are favored by many because they have the lowest down payments, the longest payment terms, and they’re suitable for many different business purposes. However, these loans sometimes require collateral and paperwork can become lengthy. 

This loan is great for expanding your existing business or funding new business ventures.

The most common misconception about the SBA is that the agency lends money to businesses. The SBA doesn’t directly lend money to businesses, instead, you get SBA loans from a bank that participates in SBA financing. This loan is great for expanding your existing business or funding new business ventures.

There is a very good article at Fundera.com to explain these loans in further depth, or I know professionals that can speak with you personally about the merits of these loans.

Until next time - stay safe and stay happy!

Southern California Real Estate Agent: 6 ways to avoid home transaction disaster

Buying a SoCal HomeSearch all Homes for Sale
Selling a SoCal Home? Check out our FREE Home Value Report

As we head into the summer months, the hottest time for buying and selling a home is here. Although it’s a great market to get a deal done in, there are plenty of ways for your deal to fall apart. Here are six areas to focus on so you make sure that doesn’t happen to you:

1. Credit: A lot of loan officers and Realtors forget to have important discussions about credit with their buyers. If you've been pre-approved for a home loan, you should not be using your credit card to make any large purchases. It could affect your credit score or your debt-to-income ratio just enough to cause your loan to be denied. 

2. Home inspection: A home inspection helps both buyers and sellers figure out what is wrong with a home. If defects aren’t well explained by an inspector, they may be overblown. Buyers and sellers need to work together to compromise on who is going to pay for what fixes. 

3. Pre-qualification letter: This letter means nothing if you don’t have a proper pre-approval. They will go into your credit and income more in-depth in the pre-approval. 

4. No money: When you don’t have a proper pre-approval, you don’t realize how much cash you’ll need for the transaction. You’ve got to pay for fees, inspections, closing costs, and have cash reserves. If you run out of money, your loan will get denied.

5. Not keeping calm: When you don’t have a level head, you are much more prone to making personal or irrational decisions that aren’t in your best interest. 

6. Cold feet: After the excitement fades away, many buyers get cold feet when they have to write a check for closing costs, appraisal, and more.

Although it’s a great market, there are plenty of ways for your deal to fall apart.

Any of these six problems can cause a deal to go by the wayside. We just want you to be prepared and have the right expectations throughout the process. If you are thinking about buying or selling, give us a call or send us an email. We would love to hear from you!

One Simple Strategy for Southern California Buyers

Buying a SoCal Home? Search all Homes for Sale
Selling a SoCal Home? Check out our FREE Home Value Report

As the prime selling season of the year approaches, it’s important to prepare your home if you plan to list soon.

On my website, I offer a service called Rate Alert. I’ve subscribed to it for many years. I use it primarily to help clients figure out the best time to lock in a loan. Oftentimes, people that use this tool find out now is the best time for them. It provides an estimate your loan officer or broker would provide for you. You can sign up for both daily and weekly alerts.

This is an especially helpful tool if you’re thinking about buying or selling a home in Southern California. If you have any questions about this feature or anything else real estate related, feel free to give me a call or send me an email today! Let’s talk.