What Is Hard Money Financing

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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.

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Hard money loans are designed for distressed properties and are used by investors looking to buy and renovate, either to flip or refinance and keep as a rental. Loan Term Most conventional mortgages have interest rates that are fixed for 30-years, and are fully amortized.

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Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank.

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.