What is a hard money loan?
An example of an AI chatbot conversation about hard money loans and their uses.
What is a hard money loan?
A hard money loan is a type of short-term financing secured by real estate. It's often used by investors.
How does it differ from a traditional mortgage?
Unlike traditional mortgages, hard money loans are based on the property's value rather than the borrower's creditworthiness.
What are the typical interest rates for hard money loans?
Interest rates for hard money loans can range from 7% to 15%, depending on the lender and the risk involved.
Are there any risks associated with hard money loans?
Yes, risks include high interest rates, short repayment terms, and the potential for losing the property if you default.
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