Newbie needs help with lingo - Posted by HJones-GA

Posted by AnnNC on January 22, 2001 at 17:59:28:

I think I’ve heard both, so as long as you’re here…

Newbie needs help with lingo - Posted by HJones-GA

Posted by HJones-GA on January 22, 2001 at 15:22:42:

Please excuse my ignorance, but I am very new to this arena and need help understanding the language. Honestly I need help understanding a lot more, but for now my questions are What is considered hard money? Who are considered hard money lenders? and is it true that they don’t care if you have money or good credit? Any help would be greatly appreciated. Thanks.

Re: Newbie needs help with lingo - Posted by phil fernandez

Posted by phil fernandez on January 22, 2001 at 17:18:47:

Hard money loans are based on the equity in the property, not you or your credit. The way to take advantage of hard money lenders would be to go out and find a deal where you can buy at 65% fair market value or less. The 65% seems to be the threshold.

Also I would go to the how to articles section, scroll all the way down toward the bottom. Near the bottom, Ed Waschman has an article titled Real Estate Terms Glossary or something like that. Read that article. Ed does a good job of describing and explaining terms that we use in this business.