Frequently Asked Questions
FAQs
What Are The Interest Rates?
Interest rates are as low as 8’s depending on the property, the location, and the borrower.
Where Do You Arrange Financing?
Hanover MC arranges private hard money financing throughout the state of California.
What Are The Loan Amounts?
We arrange financing for business or investment purpose real estate loans from $50,000 to $2,500,000.
Are There Any Upfront Fees?
No, there are no upfront fees for our loans, and minimal closing costs.
What Is The LTV For Loans?
We can arrange up to a 65% loan to value ratio depending on the property, situation, and borrower. We can go higher which is evaluated case by case. Not typical.
What Are The Loan Terms?
We structure loans with a standard 1 Year or 5 Year balloon and up to a 40 year amortization.
Is There Any Pre-payment Penalty?
No, there is no pre-payment penalty, you can pay off the loan at any time.
How Long Does It Take To Close A Loan?
We move very quickly and can close qualified loans in as little as 2 weeks.
Does My Personal Credit Score Matter?
We are okay with credit issues but want a clear exit strategy.
Do I Have To Provide Full Documentation?
No, we offer a lite documentation program where the focus is mainly on the property.
What Types Of Properties Do You Arrange Financing For?
Commercial, investment residential, light industrial, hospitality, religious properties, and special use.
What If I Have A Past Foreclosure?
As long as there are no open judgements against you that will not get paid off, past foreclosures are okay.
What If I Have A Past Bankruptcy?
As long as your bankruptcy has been discharged, then a past bankruptcy is okay.
Do I Have To Sign A Personal Guarantee?
Yes, we require a personal guarantee except if the borrower is an IRA. Non Profits are Case By Case.
Do You Require An Appraisal?
Yes, we require an appraisal.
Do I Need To Have Experience?
The more experience the better.
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DISCLAIMER
Hanover Mortgage Company is California licensed only. Real Estate Broker – California Department of Real Estate. Broker License #01410448 │ NMLS I.D. Number: 337458. 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 Company does not offer financing for those transactions defined as ‘Covered Loans’ or ‘High Cost Loans’ in any state or federal law. Hanover Mortgage Company is a Mortgage Broker. Mortgage Broker fees will apply unless stated otherwise. 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. Investment Products: Are Not FDIC Insured • Are Not Bank Guaranteed • May Lose Value • Are Not a Deposit • Are Not Insured by Any Federal Government Agency.