How does a hard money loan work?
Asked by Robin Richards, 05 Nov '12 05:36 pm
Earn 10 points for answering
Traditional bank loans are dependent on many factors, including the borrowers income, credit, tax returns, etc. They require minimum credit scores, and can take months to close. A hard money loan relies solely on existing real estate properties. There are no credit score requirements and loan decisions happen much faster. However there will be a higher risk higher interest rate, hard money loans can be highly beneficial for multiple investment opportunities.
Source: http://www.activefundinggroup.com/AZ/hard-money-loans.htmlAnswered by Jasmine K, 05 Nov '12 05:41 pm
Your vote on this answer has already been received