Posted by Will on July 19, 2003 at 16:44:06:
HArd money lenders are supposed to be lenders that don’t look at your credit or income - just the value of the property you want a loan for (their max is supposed to be around 65% of the After Repair Value). Interest and Fees are more than conventional lenders charge.
UNfortunately, Hard Money (that is TRUE hard money) is difficult to find in some states. A lot of places will claim to be hard money lenders, but they want to run the same checks as any bank. Its also unfortunate that when you buy these RE courses a lot of them harp on hard money but don’t provide usable sources.
Try the search opyion and look up hard money - that’ll really define it for you.