Architecting in Stilettos

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

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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.  Home​
                • Nonprofits: Loans up to $2 million at a 3.625% interest rate, with similar deferment terms. Small Business Administration​
                • Application: Visit the SBA Disaster Assistance website to apply. ​https://www.sba.gov/funding-programs/disaster-assistance

                  • From Episode 3: Yvonne’s Post-Disaster Mortgage Calculator https://www.dropbox.com/scl/fi/9xmae9hqjfyy6ng4fksja/Yvonne-s-worksheet-post-disaster-financing-calculator.xlsx?rlkey=9qv7ykxexv96b2ux114o8rcx4&dl=0

                  • Purpose: Estimate potential mortgage payments and financing options post-disaster.​
                  • Access: Use the calculator to plan your rebuilding budget effectively.

                    • Yvonne can be reached at [email protected]

                    💰 Insurance resources

                    From Episode 4 : Abe’s handout – 6 Trends Affecting Commercial Property Insurance https://cms.zywave.com/sharedcontentdownload/11aac3f3-67e5-4b06-9c79-a43db591786d

                    📌 Purpose:

                    To inform property owners, developers, and investors about current shifts in the commercial property insurance market that could impact their bottom line and planning strategies.

                    🔑 Key Takeaways:

                    • Premiums Are Rising: Insurance costs are increasing due to natural disasters, inflation, and reinsurance market constraints.
                    • Valuation Accuracy Is Critical: Undervaluing property leads to coverage gaps; accurate replacement cost appraisals are essential.
                    • Climate Risk Is Reshaping Coverage: Insurers are reassessing risk models, particularly in wildfire- and flood-prone areas.
                    • More Scrutiny on Older Properties: Aging infrastructure and deferred maintenance can lead to higher premiums or denial of coverage.
                    • Policy Terms Are Stricter: Expect more exclusions, reduced limits, and increased deductibles.
                    • Proactive Risk Management Pays Off: Implementing mitigation strategies can reduce premiums and increase insurability.

                      • Abe can be reached at [email protected]

                      📐 Additional Resources

                      • SB 9 Information: Details on lot splits and additional dwelling units under Senate Bill 9. ​CA Housing and Community Development
                      • LA County Rebuilding: Guidelines and resources for rebuilding in Los Angeles County. ​Governor of California+3Governor of California+3Times of San Diego+3
                      • Permit Requirements: Checklist for plan submittal requirements for wildfire rebuild projects. ​LADBS
                      • Commercial property Debris Cleanup Deadlines: June 1, 2025 – debris removal permits must be submitted. June 30, 2025- completion of debris removal process.

                        •  

                        For personalized assistance, reach out to us at (949) 863-3000 and ask to speak with Arlene or Katie.

                         

                        Note: This information is current as of May 2025. For the most up-to-date guidance, please refer to the official websites and resources provided.

                         

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