Posted by dewCO on November 02, 2000 at 15:16:01:
It is money from private lenders, not banks or mortgage brokers. They will usually only lend up to 60%-70% of the value of the PROPERTY, regardless of the purchase price. Their intest is higher and points more, but these are usually short term loans for flips or rehabs.
hard money - Posted by Sal Cincinelli
Posted by Sal Cincinelli on November 02, 2000 at 07:39:20:
Hello all,
I am a newbie, and I have been looking for a good definition of “Hard Money.” Can anyone help me here? I didn’t see a definition in the glossary of lending terms on this website… Also, I know this has been asked before but it can’t hurt to ask again: Is anyone on this newsgroup practicing the techniques on this website (particularly “flipping”) in the NYC area? How about the suburbs, like Nassau County? Thanks in advance folks…
-Sal Cincinelli