calling the original store his hard core money maker. “This is more of a fun store,” he said. “You can’t help but enjoy looking at all of these instruments.” Majestic Music & More is located at 1924.
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If your business is in a position where you cannot qualify for a traditional business loan but you need money to complete a project or for another reason, a hard.
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Hard money is money that is supplied by private lenders, as opposed to banks. It is called hard money because it is usually secured by a real asset, such as property. Hard money loans are often easier to get than bank loans, but they come at a big cost, and a big risk, to the borrower.
Hard money lenders can often fund deals quickly, and they can fund deals that traditional lenders would never approve. But, there’s a catch. It’s extremely expensive! Most hard money lenders charge 16-18% interest and thousands in up-front fees. By the time you factor in the loan costs, there isn’t any profit left in the deal for you.
I was in need of a hard money loan, which I never needed before. PB looked at my financial status and the property I owned and suggested that I get a third on my home, not a second or first, but someone to take a third position. Most of the Hard money lenders will only take a first.
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