Even rich people have trouble getting home loans.

Some wealthy home-buyers who could pay cash for million-dollar properties but opt for loans are finding they don't meet typical lending requirements. Now a growing number of lenders are loosening the rules to help these high-end buyers qualify for a mortgage.

Earlier this year, Kevin Sheridan applied for a $1.1 million home mortgage in the northern suburbs of Chicago. He expected to breeze through the process since he had recently sold a multimillion-dollar human-resources consulting firm and was flush with cash. But a lender turned him down because he didn't carry enough debt. Mr. Sheridan, 52 years old, had paid off previous car loans and mortgages, and says he always pays off his monthly credit-card balance. Stunned, Mr. Sheridan turned to a local bank where he has kept large business and personal accounts for 20 years. That bank gave him a mortgage -- because of the assets he held there.

The problem, experts say, is that on paper, some of these borrowers can look like a risk. They include high-net worth individuals who seldom use credit -- which can leave them without a credit score. Or maybe their income is hard to calculate, perhaps because it comes from a complex trust. There are also millionaire retirees who don't earn salaries, and self-employed folks whose companies' profits have taken a hit -- but who have sizable assets.

Of course, if middle-income applicants fail to meet credit, income and other requirements, they'd be out of luck. But luxury buyers can overcome the hurdles -- in large part by using their wealth as a compensating factor.

Some lenders say they're offering private mortgages in which requirements have been eased for a fraction of their customers -- ranging from 2% to 5% of their customers. And in some cases, lenders say demand for these mortgages has grown since the financial crisis. Nobody tracks how many luxury buyers get turned down for mortgages nationwide.

'Over the past two years, we've seen a meaningful increase in clients seeking flexibility,' says Chris Bergstrom, chief credit and risk officer at Cardinal Bank, a subsidiary of Cardinal Financial Corp.

Cardinal Bank's mortgage lending arm, George Mason Mortgage, says certain mortgages will allow for lower credit scores if the borrower makes a larger down payment or has relatively low debt compared with personal income. Ultra Mortgage, a mortgagebroker in Marlton, N.J., says substantialliquid assets, such as a large savings or brokerage account, can also occasionallyoffset a marginal score.

San Diego-based HomePlus Mortgage says borrowers who can't provide tax returns can get a home loan if they provide proof of liquid assets worth millions of dollars. For applicants whose salary has dropped, lender and servicer Stonegate Mortgage Corp., based in Indianapolis, says it can use part of their liquid assets, like a brokerage account, as collateral for the loan.

Having to post collateral is one potentially onerous requirement that few traditional buyers face. It can be a big enough pain that borrowers might be better off paying cash outright. Here are three factors to consider.

-- Do other terms change? When a borrower doesn't meet traditional lending requirements, lenders sometimes ask for bigger down payments of up to 40%. Lenders might also charge a higher interest rate or eliminate a fixed-rate option on these loans.

-- What is the repayment period? Chip Cummings, president of Northwind Financial Corp., a consultant to mortgage lenders, says loans like these can have a balloon structure, which starts out with regular monthly payments but requires the borrower to either pay the remaining balance after a few years or refinance.

-- What could be lost? In some cases, lenders will use part of a borrower's liquid assets as collateral. Borrowers often must sign an agreement that restricts their use of such an asset, like a portion of a brokerage account, until the mortgage is paid in full.