The 3 criteria you must have to qualify for a hard money loan:
1.
Sufficient remaining equity in the property. (Typically 30% or more after the new loan, including points and fees. The amount of required equity for hard money loans varies by property type, location and investor.)
2.
An acceptable property in a marketable area (at the investor's discretion)
3.
The ability to repay the loan to the investor (required by law)
In all cases, the general qualifying process is the same: the investor/lender uses real estate as collateral. The real estate is reviewed to determine whether it holds sufficient value for the investor/lender to be willing to take the risk of making a loan based on this collateral. The borrower's financial state and future potential is reviewed to determine the risk factors present. And finally, an exit strategy is reviewed to determine whether the loan will be completed satisfactorily within a given time frame. Depending on the results of this due diligence process, the investor /lender determines whether - and at what rates and terms - to fund the loan.
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INTEREST RATES CAN
CHANGE WITHOUT NOTICE. ASK US FOR CURRENT RATE INFORMATION. BORROWERS
AND PROPERTIES MUST QUALIFY. CONDITIONS AND RESTRICTIONS MAY APPLY.
Loan programs, amounts, rates and terms are subject to change without
notice. Loan approval is not guaranteed and all loan applications
are subject to verification of acceptable credit, income, employment,
lien position and value of collateral in the sole discretion of
Hanover Mortgage Company. Flood and/or property hazard insurance
may be required. Additional fees, conditions, restrictions and
limitations may apply. Not all programs are available in all areas.
The interest rate for adjustable rate mortgage loans is subject
to increase. Please contact Hanover Mortgage Company to determine
your eligibility for a specific loan product. Hanover Mortgage
is a Mortgage Broker. Mortgage Broker fees will apply unless stated
otherwise. California Department of Real Estate, real estate broker
license number 01410448. Disclosure: Money invested through a mortgage
broker is not guaranteed to earn any interest or return and is
not insured. State law dictates that we acknowledge that interest
on trust deeds is not guaranteed. No investment is completely risk
free and past performance is not a guarantee of future results.
Before investing, investors must be provided applicable disclosure
documents. "Hanover
Mortgage does not offer financing for those transactions defined
as ‘Covered Loans’ or ‘High Cost loans’ in any state or federal law." Privacy Policy • Safeguards
Policy • Equal Housing Opportunity • Copyright 1998 - 2005
Hanover Mortgage Company. All Rights Reserved.
