Hard money loans are loans that are secured by real property. This would be considered a more short term loan. These loans are usually last resort when all else fails. You will see these typically used in real estate with the lender typically being a private investor or not a bank or company.
Property is typically used as the collateral, the credit “worthiness” of the borrower is typically not included in the deal. This venture is typically considered more risky so banks and companies stay out of the mix, typically it is private individuals doing this.
Hard money lenders are usually targeting property flippers who plan to restore of renovate homes in order to flip them,
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