4/11/2024 – Mini Bridge – rates- Letter from Creekside HOA

4/11/2024 – Mini Bridge – rates- Letter from Creekside HOA

President | Loan Officer
Mike Meena
Published on April 11, 2024

4/11/2024 – Mini Bridge – rates- Letter from Creekside HOA

Life is hilarious! I got harassed by my good friend Patrick at the gym today because he said I looked fat in my video on Tuesday! I thought about how much sugar I have been eating lately and decided I needed to cut back! My Dad is an engineer and could always lose 10 pounds if he put his mind to it!


On the other hand, our clients are building up credit card debt like I have never seen before, and if they stop spending, they still have that debt to contend with. We are dealing with one client with $108K in credit card debt that makes less than 60K a year. They are older and need to downsize and get a Reverse Mortgage. The issue here is they have about $25,000 in annual interest they are paying on their credit cards. We are getting them a Mini Bridge Loan for a portion of the credit card debt, but if we get them too much, they will need more for a down payment on the next house.


I had another client call last week to do home improvements. They added a few things to the job and need more money with no more room on their credit cards to finish the job! They are three weeks away from missing a mortgage payment, and the contractor wants to get paid and has stopped working. They owe $60K on credit cards and need an additional $50K to finish the work. The initial estimate was $140K; the final bill will be 240K+. There is a lot of equity, so we got them a Mini Bridge Loan for $125,000. They can now pay off their credit card debt and finish the work. When the work is complete, we will refinance the second to a lower rate.


We also do these to help people when they sell. We have completed several bathrooms, repaired a roof or two, and given money for strange things like appliances, windows, and flooring. These Mini-Bridge Loans are very helpful to sellers and owners! Use and abuse me on this product because it will help us both in the long run!


Update on Condos 2nd week of April – 

From the HOA at Creekside- We don’t know what this means, but it sounds like they paid the insurance. This could mean that they are not putting enough towards reserves. I also am not sure what part of West Creek they are talking about!

Insurance special assessment: The Association was forced to implement a special assessment to cover the 2024‐2025 insurance renewal premium. Last year, the Association paid $18,103 for the renewal policy. This year, the Association was served with a notice of nonrenewal and was forced to go out to other agents and carriers to find & secure coverage. The only coverage we could secure came at a premium of $148,963.70. This outrageous increase was unanƟcipated, unforeseen, and not budgeted for. Unfortunately, this has led to borrowing funds from the Reserve account to avoid any lapse in coverage or insufficient coverage for the community. Please note that experts in the field, agents, and attorneys alike do not anticipate the insurance costs will lessen soon. This, unfortunately, may lead to continued budget increases to keep the AssociaƟon adequately insured and funded. The board and management continue to work closely with insurance agents to scan the market for other, less expensive options, and they have not given up on the search. We thank you for your understanding and support during this time.


The first of two signoffs is below:


I am available all weekend if you need anything. Let me know if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. My direct line is 661-291-2222. When you text, text (661-714-6258) or email me at Mike@AugustaFinancial.com.


But wait, there’s more!


Condo / Townhome – issues we know of now. Properties can be financed with 10% down and are considered NON-WARRANTABLE:

  1. American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough!
  2. American Beauty Gardens: 19% delinquency on special assessments due. 19% are 60 days or more late! We can do with 5% down, but others can’t!
  3. American Beauty Village West: Reserves
  4. Bouquet Canyon Village – Insurance – On Fannie’s list!
  5. Bridgewater, Emeryville - On Fannie’s list!
  6. Brookside Walk – Insurance –
  7. Cabrini Villas, Burbank - On Fannie’s list!
  8. Canyon Oaks – Insurance On Fannie’s list!
  9. Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list!  
  10. Cornerstone – Insurance -On Fannie’s list!
  11. Encino Oaks – 5460 White Oak Ave – On Fannie’s list!
  12. Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list!
  13. Madison at Towne Center  – Litigation – We can do with 5% down, but others can’t!
  14. Mariposa: Insurance On Fannie’s list!
  15. Penn Court HOA – 4201 Pennsylvania Ave La Crescenta On Fannie’s list!
  16. Princessa Estates – has $8200 in Reserves, and they are voting on an assessment in May!
  17. Rainbow Sierra Terrace – Underinsured and voting on Insurance in March!
  18. Scenic Hills – Insurance – On Fannie’s list!
  19. Shadow Ridge – Oak Park – Insurance -On Fannie’s list!
  20. Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list!
  21. Sierra Glen Condos – Insurance – On Fannie’s list!
  22. The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list!
  23. Treana – Stevenson Ranch:  On Fannie’s list!
  24. Valle Di Oro –  On Fannie’s list!
  25. Vista Del Canon – Insurance is too low, UGH!
  26. Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s list!
  27. Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA –  On Fannie’s list!
  28. West Creek Condos and Townhomes: Insurance On Fannie’s List!


Please let me know if you hear anything new on condos or townhouses.


Interest rates had a top 20 lousy day in the past 20 years yesterday! The Consumer Price Index came in a little hot and again pushed back the rate cut expectations. Rates are a tad better today, and stocks look a lot better! LOL!

  • 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge
  • We do loans in all states, so call me with anything you need.  
  • Government Loans (FHA / VA/ USDA) are in the high 5’s and low 6’s
  • Conventional Loans up to $766,550.00 are in the mid 6’s
  • High Balance Loans $766,550.01 – $ 1,149,825.00 are in the mid to high 6’s
  • Jumbo loans above $1,148,325 are in 6’s
  • Bank statement loans - They are available with 10% down again! 6’s to 9’s depending on down and credit score.
  • Profit and Loss Statement loans- You don’t need bank statements, just a profit and loss statement!
  • No income qualifier – 40% down with reserves! In the 8’s!
  • 0 down loans are in the high 7’s – 660 credit score min right now, up to $793,000.00.
  • Private Money lenders - Hard Money Loans – 35% down!
  • No Ratio Loans 30% down
  • DSCR – Debt Service Coverage loans with as little as 15% down
  • Bridge Loans - typically 7.79% with limited fees – and they get you where you need to go!
  • 0 down California Dream for all Equity Share – Registration April 3 to April 29, 2024
  • 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!

Interest rates are subject to change without notice! The above are LA County Loan Limits.


I am still available all weekend if you need anything. Let me know if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. My direct line is 661-291-2222. When you text, text (661-714-6258) or email me at Mike@AugustaFinancial.com.


Have a great day and an even better tomorrow! Please call me when you have a client who needs to borrow!

President | Loan Officer
Mike Meena President | Loan Officer
Click to Call or Text:
(661) 714-6258

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