The great thing about hard-money loans is they allow someone to buy a property with less money down than bank loans. You can base the loan off the value of the home after repairs are made. With other loans, you have to base the loan off of the purchase price.
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Common Types of Hard Money Loans Equity Loans are Hard Money Loans. Home equity loans fund fairly quickly and are subordinate to an existing first mortgage. Bridge Loans are Hard money loans. bridge loans are used by sellers who want to buy a new home before selling an existing home but need the.
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A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 12 months, but the loan term can be extended to longer terms of 2-5 years.
Instead they take out a fix-and-flip loan, aka a hard money loan, to buy and renovate the investment property with an aim to repay the lending party for the money loan within one year.
The borrower receives the money, while the lender receives monthly interest on the loan until it is paid back in full. The lender will also often charge the borrower an up-front, one-time fee in order to process the loan. A hard money loan is backed by the physical asset, which is the property being purchased.
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