what does hard money lender mean

The term hard money lender is often used synonymously with private money lender but there is one vital difference. If you are loaning money on the basis of someone’s credit worthiness without an asset to collateralize the note, then you are simply a private money lender.

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A borrower receives funds and the loan is secured by real property and used as collateral. The collateral reverts to the hard money lender if the borrower defaults. It is called "hard money" because borrowers are charged a higher price in both interest rates and orientation fees. Paying a Hard Money Loan Back

That is because Cigno does not actually lend the money – it arranges for a fast-track loan through a related company, Gold-Silver Standard Finance – and both companies charge fees for their services..

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So what are some of the terms of "hard money lenders"? Obviously it varies from lender to lender. It used to be that hard money lenders would lend solely based upon the deal or property at hand.

Hard money lenders differ from bank lenders in that they often fund more quickly, with fewer requirements. Hard money lenders are sometimes called "asset-based lenders" because they focus mostly on the collateral for the loan, whereas banks require both strong collateral and usually excellent credit and cash flow from the borrower.

The "points," are the fees charged when a hard money lender agrees to lend you money. It’s essentially his/her upfront costs, that gives them cash flow. Hard money lenders make money by charging you interest each month. In the event you repay the.

It will reduce the down payment that the lender requires and will get you a significantly better interest rate. It might mean waiting an extra year before. retail lenders and hard-money lenders.

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