Basic Understanding of Hard Money Loans

A #hard #money #loan is a short-term loan secured by #RealEstate. It is generally funded by private investors instead of conventional lenders such as banks. The terms are usually around 12 months but the loan terms can be stretched to longer terms of 2 to 5 years. These loans are primarily concerned with the property’s value rather than the borrower’s credit. This loan option provides an opportunity for those who cannot get conventional financing through banks.