A hard money loan is a type of real estate loan. Hard money loans are made based off the value of your collateral (i.e., the property itself) rather than your ability to repay. There are different kinds of hard money loans, including:
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What is a hard money loan? A hard money loan is a short term loan, secured by an investment property (i.e., one used for business purposes only), designed to provide both the funds for purchase and also for the repairs.
Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank.
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.
A hard money loan secured to real estate is a loan that is not purchase money. It is money loaned to a borrower, which is not always used to buy a home. You can get a hard money loan without owning a home at all — without any security for that loan — providing the lender feels you are a good credit risk.
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.
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