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 |
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.
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
- 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.
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