You would have less than 30% or more equity remaining in the property after the new loan, including any points and fees financed (Note: the amount of required equity for hard money loans varies by property type and investor);
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You are looking for a low-interest rate loan, or a loan with low points and fees;
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You cannot verify any source(s) of income or employment;
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You cannot repay the loan according to the terms of the Note;
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You are looking for an unsecured or personal loan, or open-ended line of credit;
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You are not willing to pay for and obtain a current value appraisal, if required;
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You are not willing or able to provide a "future value" appraisal for a hard money construction loan or remodel loan, including an itemized cost sheet, plans, blueprints, a licensed contractor, and permits where required;
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You are looking for an "angel" or speculative investor to fund a project without sufficient collateral or personal equity stake;
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Your property is in poor physical condition, or has extensive deferred maintenance (unless the loan is used to verifiably renovate the property).
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 00428961. 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." All Rights Reserved.
