What’s the purpose of getting a “hard” money loan vs. a conventional loan?
Jun 23, 2009
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Hard Money Loans
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4 comments
mazziatplay on June 23, 2009 at 8:20 pm
"Hard Money" loans usually are secured by either a property or a borrower who do not meet conventional loan guidelines. The risk on a non-conforming borrower or property in a hard money loan is usually a lower loan to value, a limited financing term or a higher interest rate.l
beachlover on June 23, 2009 at 8:20 pm
hard money, basically means the borrower does not meet normal requirements if you go into foreclosure most people turn to hard money lenders to get financed they are high interest rate loans hard money rates can be from 10% to 14% or higher and only lend 50-70% of the value of the property. these loans are expensive and the lender charges several points to lend ive seen hard money lenders charge as much as 4% or more.
Mortgageman on June 23, 2009 at 8:20 pm
"Hard Money" is from a private investor. If you don't pay, they break your legs.
satarnag on June 23, 2009 at 8:20 pm
One usually uses hard money to finance homes for a short term basis until they can get a conventional loan. I use them for flips or if I need to get cash within 3-5 days.
Regards