Definition of a Hard Money Loan The simple definition is that a hard money loan is an asset-based loan. Such loans are typically more expensive than those from conventional sources; i.e., "harder terms."
It can be difficult to get a traditional loan on an investment property because traditional banks are hesitant to lend money when a property is in such bad condition. hard money loans are one way real estate investors can obtain financing. Here are the basics of the hard money and the pros and cons of this type of loan.
A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 12 months, but the loan term can be extended to longer terms of 2-5 years.
The term “hard money lender” is used to describe lending outside of traditional banks or credit unions to an individual or a business.
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Hard money loan rates are much higher, and you borrow the money for only a short period of time. Hard money lending is especially popular for the following people: Get Pre-Approved.
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There are dozens of reputable companies who want to loan you money. And the pre-approval process for personal. credit report without an official credit inquiry (also known as a hard credit pull).
It got to the point that I could not pay off my loan and pay a real estate agent, so I decided to keep it. In order to do that, though, I had to pay back my hard money lender, and I had to refinance.
Hard money may also refer to cash payments made directly for financial services or as political donations. In lending, a hard money loan is one which is backed by the value of a physical asset. Hard.
A hard money loan is another option for real estate investors when a traditional mortgage lender may not work for their situation. A hard money lender uses a property as a "hard" asset and collateral.