how does hard money work

There are several ways to define the terms "hard money" and "soft money." How you define them depends on what context you take. In their simplest form, hard money and soft money are used to.

Hard money loans can open real estate deals that many traditional loans can't.. when buying a house, but can't seem to make any of them work for you.. What a cash offer does mean for the seller is that the closing time will.

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Hard money loans are based predominantly on the value of property, versus a borrower’s credit score or financial history. The loan amount is determined by the loan-to-value ratio (LTV), or the ratio of loan amount divided by the value of the property used as a collateral.

Hard money lenders take a different approach: they lend based on collateral securing the loan, and they are less concerned about your ability to repay. If anything goes wrong and you can’t repay, hard money lenders plan to get their money back by taking the collateral and selling it.

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The requirements for the loan generally depend on the lender. If you have any questions further on how does a hard money loan work, or possible rates for you,

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A hard money loan is a short-term loan primarily used for real estate transactions and contrary to a popular myth it’s not because it’s "hard" to get. Traditional real estate loans like a personal mortgage are based on the borrower’s personal ability to repay the loan.

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