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A hard money loan is not the same as cash. Since this offer was submitted as all cash, this first time real estate investor did not know that his agent would need to submit an addendum for lender financing for the hard money loan.
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How to get a hard money loan. And, as you would expect, interest rates are considerably higher, usually ranging from 12% to 21%. Most hard money lenders also charge points upfront, where 1 point equals 1% of the loan. From three to six points is typical for a hard money loan.
If you have poor credit and you still want to get a home loan, either for your own home or an investment property, you still could have some hard money loan.
· What is a hard money lender? The real estate term may conjure up visions of crooked-nosed guys who’ll cut off a borrower’s pinkie finger for flaking on a hard money loan.
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A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 12 months, but the loan term can be extended to longer terms of 2-5 years.