Considered a last resort loan for borrowers who are seeking to take out a loan, typically for real-estate, but who are not eligible for other loans. A hard money loan consists of high fees and an elevated interest rate, which makes them less desirable by borrowers. Instead of using the borrower's credit history as collateral, some type of physical property is used a leverage. Traditional banks do not offer this type of loan.
Related information about hard money loan:
- Hard money loan - Wikipedia, the free encyclopedia
A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by the value of a parcel of real estate.
- 'Hard money' lenders: The source for last-resort loans (Page 1 of 2)
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Our sole purpose as a lender is to provide people the fastest and easiest access to private money and hard money loan options secured by real estate.
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- Hard Money Loan Definition | Investopedia
A loan of "last resort" or a short-term bridge loan. Hard money loans are backed by the value of the property, not by the credit worthiness of the borrower.