Hard Money Blanket Loan | Long Beach, CA 90805 | Hanover MC
By Hanover MC On June 16 2023
1,650,000 hard money blanket loan. Religious facility & 2 SFRs. Long Beach, CA 90805. 36% LTV. Business purpose.
Closed Transaction · Los Angeles County, CA
Hard Money 1st TD — Religious Facility & 2 SFR Blanket Loan
Long Beach, CA 90805
$1,650,000
1st Trust Deed · Blanket loan · Cash-out refinance · 36% of 'As Is' LTV · Long Beach, CA 90805
Business purpose loan only. Business purpose owner-occupied residential loans considered.
| Loan amount | $1,650,000 |
| Loan position | 1st Trust Deed |
| Property types | Religious facility (nonprofit) · 2 single-family residences (3 properties total) |
| Loan structure | Blanket loan · Cross-collateralization · 3 properties |
| Location | Long Beach, CA 90805 · Los Angeles County |
| Purpose | First Deed of Trust against Subject & Cross-collateralization |
| LTV | 36% of 'As Is' |
| Term | 36-month balloon |
| Underwriting | In-house |
| Servicing | 3rd-party independent servicer |
The transaction
Hanover Mortgage Company arranged a $1,650,000 hard money 1st trust deed structured as a blanket loan cross-collateralized against three properties in Long Beach, CA 90805 — a religious facility and two single-family residences. First Deed of Trust against Subject & Cross-collateralization.
The loan was structured at 36% of 'As Is'. Cross-collateralizing the two SFRs alongside the religious facility strengthened the overall collateral position and supported the loan amount.
Hanover MC underwrote this transaction in-house with no loan committee. Loan servicing was assigned to an independent third-party servicer.
Transaction highlights
- $1,650,000 loan amount — blanket structure across three properties
- 1st Trust Deed — first lien position on both collateral assets
- 36% of 'As Is' LTV
- Blanket loan — single trust deed cross-collateralizing 3 properties
- Long Beach, CA 90805 — Los Angeles County
- In-house underwriting — no loan committee
- Loan serviced by independent third-party servicer
- Business purpose loan
Why cross-collateralization made this deal work
Religious facilities are among the most difficult collateral types to finance. Conventional banks typically decline them — the specialized use, limited secondary market, and nonprofit ownership structure fall outside standard underwriting guidelines.
By cross-collateralizing the religious facility with two single-family residences under a single 1st trust deed, the combined collateral value supported a $1,650,000 loan at 36% of 'As Is' LTV. Hanover MC's asset-first underwriting approach made this structure possible.
Frequently asked questions
Can Hanover MC arrange a hard money loan on a religious facility?
Yes. Hanover Mortgage Company arranged a $1,650,000 hard money blanket loan cross-collateralized against a religious facility and two single-family residences in Long Beach, CA 90805. Religious and special-use properties are evaluated case by case based on asset value and borrower equity. Business purpose only. Call (714) 838-1474 ext. 102 to discuss your scenario.
What is a blanket loan in hard money?
A blanket loan uses two or more properties as collateral for a single loan, secured under a single trust deed or cross-collateralization agreement. This structure allows a borrower to leverage equity across multiple assets — in this case a religious facility and two SFRs — to support a larger loan amount or achieve a more favorable combined LTV.
What LTV does Hanover MC arrange on cross-collateralized loans?
This transaction was arranged at 36% of 'As Is'. LTV varies by property type, condition, and deal structure. Contact us for current parameters.
Does Hanover MC have a loan committee?
No loan committee. Hanover Mortgage Company arranges loans directly. There is no institutional approval process or committee delay — the principal reviews each deal and makes decisions directly.
Are there upfront fees?
No upfront fees. Hanover Mortgage Company does not charge fees until a loan closes. Mortgage broker fees may apply at closing unless otherwise stated. Standard third-party costs such as appraisal, title, and escrow apply to all real estate transactions.
Who services loans arranged by Hanover Mortgage Company?
All loans arranged by Hanover Mortgage Company are serviced by an independent third-party loan servicer.
More closed transactions
Have a special-use or cross-collateral deal?
No upfront fees. No loan committee. A straight answer when you call.
Or call directly:(714) 838-1474 ext. 102