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A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans, starting at 7.7%,  because of the higher risk and shorter duration of the loan.
A hard money loans is a loan of "last resort" or a short-term bridge loan. Hard money loans are backed by the value of the property, not by the credit worthiness of the borrower. Since the property itself is used as the only protection against default by the borrower, hard money loans have lower loan-to-value (LTV) ratios than traditional loans.
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As a hard money lender we have a variety of loan options available for various types of real estate investments. But our most exciting and popular loan options are those where we can extend a no or low cash to close offer.
Borrowing From Family and Friends to Buy a House Parents, other relatives, or even friends who lend you money for a house can benefit too. Bob Hope once said, "A bank is a place that will lend you money if you can prove that you don’t need it."
The average interest rates charged on hard money loans are between 11 and 18 percent of the total amount of the loan. This rate is more than twice the average rate on a conventional mortgage, which is can fall between 4 and 6 percent of the total loan amount.
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