All You Need To Know About Hard Money Lenders
Hard money loans! Private lenders! Have you been hearing these two terms frequently after you have decided to invest in a real estate property? And you are eager to know more about these loans? Then check out the post below: What are Hard Money Loans? Hard money loans are short term loans that are secured by collateral or real estate. Such loans are granted based on the value of the property rather than your creditworthiness. However, hard money loans come with higher interest rates when compared to traditional loans and the term usually lasts for 1-3 years. The person or group of persons who fund hard money loans are known as private money lenders or hard money lenders. When should you consider hard money loans? There are many situations where hard money loans may be your best option. Some of the situations include quick turnaround situations, the need for short-term financing for a property in need of repairs and financing when you have a poor credit score. Who are hard money le