Episode 3 (wildfire series) - Thoughts on Mortgages & Loans with Yvonne Santos

On this first of four episodes dedicated to the wildfires, we are joined by Yvonne Santos, VP/ Business development Officer at New Day Commercial Capital. 

Yvonne describes how to pick up the pieces after a natural disaster, such as the wildfires that Pacific Palisades and Altadena experienced in January. We discuss what to do with your current mortgage, how to potentially strategize with neighbors, and how to potentially qualify for future loans. 

The show notes: 

**Due to the fluidity of the current information landscape, the following links and handouts are current as of the posting of this podcast**

🏡 Wildfire Recovery Guide: Altadena & Pacific Palisades 

🔨 The Rebuilding Process

AIA Pasadena & Foothill Chapter Resources

• Rebuilding Options:

1. Rebuild the same home with up to a 110% increase in size (area, height and/or mass). The plan check should be streamlined and permitting fees waved for those rebuilding after a fire loss.
2. Design a new home from the ground up. This can be a custom or a pre-approved plan or a hybrid. Stay tune for; Some example designs for some typical Altadena lots that we will add to our website.
3. Install temporary housing on-site for up to 3 years.

• AIA Roadmap to rebuilding Process Diagram https://www.dropbox.com/scl/fi/x0b9t4ybr6oa3xymwmiph/Roadmap-to-Rebuilding_Process-Diagram_English.pdf?rlkey=hnbiw1kioktzxbzlcyu5b0f9k&dl=0

• Free Consultations: The "Ask an Architect" program offers complimentary guidance on fire-resistant design, permitting, and structural safety. ​aiapf.org+5TLRS+5Pasadena Now+5
• Rebuilding FAQs: Detailed answers to common questions about the rebuilding process. ​Archinect+3ABC7 Los Angeles+3Governor of California+3

🚨 Emergency Funding & Permitting Updates

Permit Fee Waivers

• Pacific Palisades: Building permit fees are waived for residents rebuilding after the wildfires. ​Pasadena Now+18SM Mirror+18ad05.asmrc.org+18

Streamlined Permitting

• Statewide: Governor Newsom's executive orders have cut permitting delays and suspended certain environmental regulations to expedite rebuilding. Governor of CaliforniaGovernor of California​

Solar Panel Requirements

• Exemptions: Legislation has been introduced to exempt low- and middle-income homeowners rebuilding after wildfires from mandatory solar panel installations. CapRadio​

 

💰 Financing Options & Tools

Small Business Administration (SBA) Disaster Loans

• Homeowners: Loans up to $500,000 at a 2.5% interest rate, with no payments due for 12 months. Must apply by May 30, 2025.