FAQs

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Do you use credit reports?

By |2017-04-29T14:27:30+00:00April 29th, 2017|

Yes. We pull a tri-merge credit report with scores on each borrower and guarantor. However, we are not credit score sensitive, don't require a minimum and non-traditional credit is considered.  

What are your rates?

By |2017-03-11T16:02:59+00:00March 11th, 2017|

There is no formal rate matrix since each loan scenario is unique. Rates vary based on a number of factors most notably the loan-to-value, property type, property location, and term.

Do I need to get an appraisal?

By |2017-03-11T16:00:43+00:00March 11th, 2017|

Yes. An appraisal is part of Hanover MC’s underwriting and due diligence process and is necessary on all transactions.  If an appraisal has already been completed providing a copy for our review may fulfill the need and save time.

What are Hanover MC’s underwriting requirements?

By |2017-03-11T16:04:18+00:00March 11th, 2017|

We start with looking at your qualifications. We seek to partner with professional redevelopers who have a track record of success. You should have 3+ projects under your belt and a network of contractors, legal professionals and real estate agents who help you achieve your goals. Once you are prequalified we look at each project on [...]

Can I finance construction costs?

By |2017-03-11T15:52:06+00:00March 11th, 2017|

We do have the capability to fund 100% of the construction costs. Similar to other funding mechanisms, we'll likely hold a percentage of these construction funds in escrow and release them as project milestones are met, subject to inspection.

Can I finance 100% of the acquisition cost?

By |2017-03-11T15:49:22+00:00March 11th, 2017|

We require that you bring at least 20% of the purchase price to the closing table. Depending on the scope of the rehab and your experience, we may ask for a greater percentage. Our investors like to know that you are committed to each project and the best way to do this is require you to [...]

When will I receive funding for my project?

By |2017-03-11T15:50:25+00:00March 11th, 2017|

We can get loans funded in as little as 8 days. It's best to set up your profile and get pre-approved by prior to having a project ready for funding. This will allow us to move directly to underwriting the project. This allows for you to get the capital you need in a timely manner.

Do I have to handle all of the paperwork myself?

By |2017-03-11T15:36:17+00:00March 11th, 2017|

No. We handle all of the details for you. We'll present you with a transaction synopsis and TD Investment packet with the information you need to make a decision. Should you and/or others commit to invest in a loan, we'll coordinate the appropriate paperwork and create the trust deed that secures that loan.