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People typically pursue a hard money loan because they either don’t qualify for a conventional loan or they need the money quickly. Unlike conventional loans, which can take weeks to process, hard money loans can be ready in a couple of days. Types of borrowers who tend to get hard money loans include: Property flippers.
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Everything You’d Want to Know About Hard Money Lenders and Unconventional Loans
The funds from a hard money loan come from hard money Hard money lenders who are interested in lending their money for interest. Hard money lenders charge a higher than average interest rate – compared to traditional institutions. The source of the funds can come from an individual, or a pool of investors, who invest in your loan.
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