Have you ever heard the term hard money loan? Well, in this video, an expert is going to tell us everything we should know about hard money loans. Hard money loans are usually used for only three to four months and have very high interest rates. They are short-term loans that many flippers use to be able to get in and out of projects while leveraging the most they can on a particular project. These loans allow you to purchase properties that you may not have been able to afford in the first place.
These are great if you are a house flipper and are making great money through that kind of business. Many people use these loans when they are wanting to close quickly on deals and this can be extremely helpful to the seller if they are in financial distress and need to close on their home’s sale right away.
With hard money loans, you can close on a property in about 10 to 15 days. This process can be handled very quickly and it can be beneficial to everyone involved. Watch this entire video to hear all about hard money loans.