Tried doing a search, but google comes back with political donation meanings, and of course tons of ads for hard money loans. But what kind of loan is this? And is it bad or good in comparison to a conventional loan?
Isn’t a hard money loan one that has usurious interest?
http://www.google.com/search?hl=en&lr=&oi=defmore&q=define:Hard+Money+Loan
“Loan usually from a private lender. Actual money loaned and secured by a trust deed as opposed to a loan carried back by a seller, in which no money passes.”
“The borrower receives actual cash and not just credit.”
“A hard money loan is a real estate collateralized loan based on the quick-sale value of the property against which the loan is made.”
While there is no precise definition, this article summarizes the industry usage nicely:
Thank for replies everyone.