A hard money loan is a certain type of financing in which funds are received by the borrower based on the value of a specific parcel of real estate. In all lending there are three main things the underwriters evaluate to determine eligibility. Those three things are Character (Credit), cash flow (income) and Collateral (Property).
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Hard money is a way to borrow without using traditional mortgage lenders. loans come from individuals or investors who lend money based (for the most part) on the property you’re using as collateral.
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If you’re not comfortable parting with a substantial amount of cash up front to purchase real estate, a hard money loan may be the answer. While this type of loan has advantages over traditional.
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Hard money lending is a short-term loan obtained from private investors or individuals, at terms that may be more strict than a traditional loan. Though the terms of this creative financing option may be stricter, this form of private financing for real estate generally has more lenient criteria.
Generally accepted, a Hard Money Loan (is an asset-based loan, which means the financing is based on the Loan to Value (LTV) of the Asset. Unlike the Fix and Flip loan, it doesn’t go through full underwriting and there’s no minimum FICO requirement for the borrower, as it doesn’t have many guidelines and criteria.
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The term "hard money lender" is used to describe lending outside of traditional banks or credit unions to an individual or a business. hard money loans are usually funded by an investor or a group of investors. Hard money borrowers secure their loans through equity rather than creditworthiness.
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