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A hard money loan is a type of short-term, high-interest loan typically used for real estate investments and other quick financing needs. Unlike traditional loans, hard money loans are primarily based on the value of the collateral (usually real estate) rather than the borrower’s creditworthiness. They are often used by investors, developers, and individuals who need immediate funding and might not qualify for conventional loans.
Hard money loans are a useful tool for those needing immediate financing or dealing with non-traditional situations, but they come with higher costs and risks. It’s essential to carefully evaluate whether this type of loan aligns with your financial needs and goals.
