Hanover Mortgage | Hard Money

There are many reasons for seeking private financing. Just to name a few:
»	You have bad credit, minimal credit, or NO credit - Credit Impacted: low credit scores (below 500 FICO), no credit score, poor, damaged, bad, bruised, impaired or less-than-perfect credit, limited or non-existent credit, Late Payments, Slow Pays, Consumer Credit Counseling, Collections, Charge-Offs, Repossessions, Judgments, Tax Liens, Bankruptcy, Notice of Default, and Foreclosure. (note: tax liens, current bankruptcy, judgments, clouds on title, etc., may require resolution prior to or at closing); Sufficient equity and the ability to repay the loan are generally more important than your personal credit;
»	You have high debt-to-income ratios (too much debt) to qualify for a bank loan —provided you have the necessary equity in your property (or down payment) and the ability to repay the loan, our hard money lenders can make allowances for excessive debt;
»	You have non-verifiable, inconsistent, or unusual income or are, Self-employed, Un-employed or Laid-off — provided you can make the loan payment, hard money lenders will accept loans made to persons who have unconventional incomes. If you have no income or means of repaying the loan, you might not qualify for a hard money loan;
»	You have a rural property, unique property, nonconforming property, or mixed-use property and have found it difficult to qualify for a conventional loan, as long as there's sufficient equity in the property, and if the investor/hard money lender deems the property a worthwhile investment, you may qualify for a hard money loan;
»	You need a cash equity loan with less than perfect credit and have a 1st mortgage with a negative amortization feature — with the right amount of equity after the required adjustment for the potential negative amortization you may qualify for a 2nd mortgage hard money loan;
»	You need a short-term loan to build, rehab, or remodel real estate or make improvements to raw land prior to selling the property or refinancing into long-term permanent financing (note-hard money loans used for these purposes require a future value appraisal and construction documentation for approval);
»	Balloon Payment Due; Refinance your initial balloon loan into a more traditional loan structure, on or near the date the balloon payment becomes due;
»	Complex financing structures. The property is in the name of a "non-natural person" – such as a trust, LLC, partnership, corporation, Non-profit organizations (churches, foundations) or an entity - rather than an individual;
»	Property has characteristics making it difficult to obtain a bank loan, including but not limited to: Partially or nearly completed construction of building, Property improvements - Rehab, High Vacancy - loan is needed to increase occupancy of income property, Seismic (Earthquake) retrofitting;
»	You want to remain anonymous. A borrower/investor may not want the transaction on their credit report or the mortgage in their name. Unlike most conventional financing hard money lenders do not report to credit agencies and allow title to be held by an entity;
»	You want to maintain your privacy. Sometimes individuals prefer to arrange private financing for reasons of privacy. For example, some people would prefer to buy a recreational property with private funds vs. institutional financing. They simply do not want their financial institution to know about all of their financial dealings;
»	You need a business loan secured by equity in real estate, but cannot qualify or wait for a conventional business, commercial, or SBA loan;
»	You are a Foreign National with no long-term U.S. employment or other assets;
»	Creative transactions such as: interest only payments, partial deed release, and participations are usually considered;
»	Purchase of Note(s) secured by Deed(s) of Trust (performing & non-performing);
»	Note Hypothecations (Loans secured by Assignment of Note(s) & Deed(s) of Trust);
»	Quick funding for time sensitive loans;
»	Loss of bank loans, for any reason, including, {Turn-downs, previously Declined} declines and excessive conditions;
»	You have a Loan (a borrower and / or a property) that falls outside the guidelines of traditional financial institutions and sub-prime lenders; Such as - Complete workouts to pay off heirs and partners of probate estates, Estate and/or Property held in Probate (Trusts, Family Limited Partnerships, Irrevocable Trusts, corporations, etc.), Current Notice of Default/Sale, Distressed Property Purchase, Property in Receivership, Remove an existing NOD, Tax Liens/Judgments, Other Liens (Homeowners Associations, property taxes, etc.), Foreclosure Bailout or Receivership, Bankruptcy (Old or current), Cash-out Refinance, Divorce, Medical Emergency, Unemployed, etc. With "private lenders" the hard assets are the key.