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.,
Hard money lending is a short-term loan obtained from private investors or individuals, at terms that may be more strict than a traditional loan. Though the terms of this creative financing option may be stricter, this form of private financing for real estate generally has more lenient criteria.
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A hard money loan is a mortgage with a higher-than-market interest rate that usually serves as a source of short-term financing for borrowers who can't qualify.
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Fast profit: hard money loans are designed to be short-term loans. They get you cash fast, so you can quickly jump on an investment opportunity and make a profit. Even with a higher interest rate than a traditional loan, a hard money loan can equal a higher profit as the term is shorter and it opens the door for other investment opportunities.
Hard Money Loans in Baltimore, Maryland. Baltimore, MD has 50 private money lenders serving the city. In this city, the mean amount for loans is $295,455.
Even though a lot of people don't quite understand the mechanics of hard money lending, most have a negative view of hard money loans and hard money.
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Hard money comes from private individuals who want to earn high interest on their cash. Investors use hard-money loans to buy properties that banks won’t normally lend money on, such as fixer-uppers.
Hard money loans are a financing tool every real estate investor should keep in mind. The main advantages of speed and flexibility usually.
Hard money lenders would consider lending to these people if they can be assured that, if the loan goes into default, they can sell the house, pay off the first mortgage and still earn a profit.