It is fair that you would want to know as much as possible in case you want to get money from private individuals and don’t understand how to define hard money loan.
This type of loan could be called a mortgage with collateral (real property). Today, the rates of hard money are a bit lower than conventional mortgage rates due to the fact that they are with tangible value that can back up your promise to pay the dues on the loan in full. If you fail to meet your obligation, then your lender will simply be able to take your home from you.
Big money lenders don’t often deal with hard money loans like smaller ones. This is why it is important to review all of your options prior to making a decision on one particular type of loan. You may find that you have better options when you take out a loan directly from an individual lender or the smaller one. ofpie776bi.