An explanation of hard money loans, what they are, how they are used, with. Total down payment from the buyer (which includes the earnest money deposit).
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A hard money loan is simply a short-term loan secured by real estate. 6 points when a lender funds a loan with little to no down payment from the borrower.
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With a hard money loan, the lender may be willing to lend you 100 percent of the purchase price. Without a down payment, you would only be responsible for paying the origination fee and the monthly interest until you pay the loan off in full.
Due to this higher risk involved on a hard money loan, the interest rates for a hard money loan will be higher than conventional loans. Interest rates for hard money loans range from 10 – 15% depending on the specific lender and the perceived risk of the loan. Points can range anywhere from 2 – 4% of the total amount loaned.