What is a "hard money lender or loan"? vs a regular mortgage lender?

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What is a "hard money lender or loan"? vs a regular mortgage lender?

2006-12-15 05:12:19 · 2 answers · asked by robbievic 2 in Business & Finance ➔ Personal Finance

2 answers

a hard money lender is for people that have poor credit and can not get a good loan from a regular lender.......they charge you a very high interest rate, maybe 12% compared to a regular mortgage rate of maybe 7%

if you have good credit and not to much debt you should qualify for a regular loan, if you live in PA and you want to buy something in this state send me an email and I can help you.

2006-12-15 05:15:46 · answer #1 · answered by besthusbandever 4 · 0⤊ 0⤋

people without good credit may be offered hard loans whereas people with great credit will recieve the "soft loan" :-)

2006-12-15 05:20:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋