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How does a hard money loan work?

Tags: money, hard money, loan work
Asked by Robin Richards, 05 Nov '12 05:36 pm
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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.
Answered by Jasmine K, 05 Nov '12 05:41 pm

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