A hard money loan is a "Specific type of loan where a borrower takes funds based on the value of undeveloped real estate. Hard money loans are usually issued at higher interest rates than commercial mortgages." according to sites like http://www.hardmoneyworldwide.com/
refinance the hard money loan back to a conventional bank loan
a hard money loan requires a fairly high up front fee, and has a high interest rate.
there are several kinds of people who loan money. There are banks that loan, investors that invest, private money lenders who loan, hard money lenders etc.
The investor gave hard money to the farmers. Hard money is a type of loan given by private contractors.
A Private hard money lender is what is considered to be a loan shark. This should be your very last resort in obtaining a loan. It is a very risky entitity to get involved with a loan shark.
A hard money lender is the person who offers you money loan which is actually an asset-based loan financing. The process is usually about the borrower acquiring funds that are secured by real property.
Commercial hard money loan is a type of private funding for the people who need immediate finance to buy a property or close a land deal. Hard Money Commercial Loans is of great help for the people who are unable to meet the standard banking criteria, but has real estate and or assets that are sufficient to collateralize the loan to the investors/lenders.
look for private money lenders or hard money lenders on the internet.
The interest rate on a hard money loan is substantially higher than that of a traditional bank loan because they do not conform to the traditional banking standards. Hard money loans tend to be used for short term uses from real estate investors who plan to not carry the loan for very long.
The risks associated with a hard money loan is that you have to pay 10-15 percent more. The second is, that you are really in troubles, if you lose your job, because you still have to pay monthly!
A hard money lender provides a short term loan with a high interest rate and fees. Further a hard money lender will only lend if in an equity position.
A commercial hard money loan is a loan based off the quick-sale price of a commercial property. The main requirement would be that the person applying, own the property that would be put up as collateral.