Hard Money

Hard money is a loan that is secured by real estate. It is typically used by investors to purchase investment properties, as it is often easier to get approved for a hard money loan than a traditional bank loan. Hard money loans are also typically faster to close than traditional bank loans.

The interest rates on hard money loans are typically higher than traditional bank loans, and there are often prepayment penalties associated with them. However, hard money loans can be a good option for investors who need quick access to capital and who are willing to pay a higher interest rate.

Here are some of the key features of hard money loans:

• They are secured by real estate.
• They are typically used to purchase investment properties.
• They are often easier to get approved for than traditional bank loans.
• They are typically faster to close than traditional bank loans.
• The interest rates on hard money loans are typically higher than traditional bank loans.
• There are often prepayment penalties associated with them.

If you are considering a hard money loan, it is important to understand the terms of the loan and to make sure that it is the right option for you. You should also compare hard money loans to traditional bank loans to see which option is better for your needs.