what is a hard loan

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.

Many homeowners long to hear the magic words, "your home equity loan is approved." But for most, this type of loan, which allows a homeowner to borrow against the equity in the home, is hard to.

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Hard money loans have many differences when compared to conventional mortgages, such as easier qualifications, higher interest rates, shorter loan terms and shorter funding times. hard money loans can be used to fund distressed properties as well as single-family homes, apartment buildings, condos, and more.

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A loan made in a foreign currency that is stronger than the domestic currency. For example, a Turkish company may loan money to a Syrian company in euros because the euro is a stronger currency than either the Turkish lira or the Syrian pound.A hard loan carries foreign-exchange risk, but this is considered an acceptable risk compared to making the loan in a weak currency.

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Hard money loans are generally short-term loans, lasting from one to five years. You wouldn’t want to keep them much longer than that anyway, because interest rates for hard money are generally higher than they are for traditional loans.

Fast Profit: Hard money loans are designed to be short-term loans. They get you cash fast, so you can quickly jump on an investment opportunity and make a profit. Even with a higher interest rate than a traditional loan, a hard money loan can equal a higher profit as the term is shorter and it opens the door for other investment opportunities.

A hard money loan is a short-term loan to satisfy quick financing needs or financing needs of borrowers after being denied by traditional lenders. Hard money loans are also known for having very little underwriting requirements.