Hard Money Loan
Hello Friends
Can you help explain me what is hard money loan? And what kind of paper work is required for the approval of the of the loan.
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Basically it's a legal loan shark. High upfront & exit fees and as close to a usurious interest rate as they can legally get. Unless you desperately need money AND your investment can very likely produce a very high rate of return, you should stay away from hard money.
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Depending on the investor and the project, hard money loans may or may not make sense, but here is a link to an asset based lender's website, where you might find the FAQ section helpful:
http://abl1.net/faq/#costs-and-requirements
What is a hard money loan and how do you use one? (Originally Posted: 04/26/2013)
I was at a real estate seminar recently and they mentioned using a hard money loan to start off immediate investing with no money down. I have not heard of this option before and was wondering if it could be explained to me.
Here you go: http://www.investopedia.com/terms/h/hard_money_loan.asp
I did a fair amount of it over the years, and here's a post I wrote explaining the process:
http://www.wallstreetoasis.com/blog/hard-money-lending-why-when-how
Great thread thanks. I'd Sb you but I think I already gave you my last one!
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