What is Hard Money? People ask me this all the time. A private money loan and a hard money loan are used interchangeably to mean the same thing. A non-bank loan, back by individual or private investment group instead of a bank. A private loan is typically faster and can fund in one day up to 30 days, depending on the complexity of the deal. More flexibility often means higher interest rates, from 7% to 18%.
The qualifications are less harsh, some lenders don’t even require a basic loan application or credit report, they just want to inspect the property. While others want to see nearly as much documentation as a bank, but can still move faster than a bank could. Collateral is the most important to a non-bank lender. You must have a real estate asset to use as collateral for this type of loan.
The most important thing about a hard money loan…To find a lender you can trust. Private Money Utah is your trusted resource for private money and hard money loans in California, Utah, Colorado, Arizona, Oregon, Washington, Texas, Georgia, New York, New Jersey, Virginia, and Chicago, Illinois.