Hard money is a type of lending often used in real estate investing. Hard money loans are also known as Private Money loans, Bridge loans or STABBL loans (short-term asset-backed bridge loans). Hard money loans are used for short-term financing, and the loans are always secured by an asset. Traditional financial institutions don’t offer hard money loans, so this lending option is only available through private lenders and individual investors.
Hard money loans are often used by real estate investors, house flippers and real estate developers. These types of loans can be a quicker and easier way to secure an investment purchase without the need for traditional financing or the approval process that is required by typical financial institutions. Since these types of loans are asset-based, they are not contingent on the borrower's creditworthiness. Rather than the borrower's creditworthiness, the conditions of hard money loans are primarily determined by the value of the asset used as collateral.
As a result, hard money loans have a quicker and often less demanding approval process than regular mortgages or secured loans, making them the best option for a speedy acquisition.
Precision Lending Group works with multiple Private Money funding sources to help secure various types of loans including cash outs, opportunistic purchases, rehabs, foreclosure and bankruptcy bailouts, mid-construction loans and discounted note purchases.
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