Posted by Amy on September 23, 2004 at 14:18:22:
Conventional lenders make loans based on the qualifications of the borrower, such as credit history, income, assets, etc. Hard money lenders make loans based on the value of the underlying asset. They are usually more expensive too, but can be a good source to get funds for projects that are typically harder to finance.
What LTV are you looking for and what is your credit score? Also, where is the property located? If you’re looking to go through a conventional lender, make sure you compare your options since there are so many different programs out there with different terms.