There are many types of loans out there in the world. There are student loans, business loans, mortgage loans, construction loans, and also something known as hard money loans. There are several ranges of people who can serve as hard money lenders. These can include friends and family, acquaintances, and professional hard money lenders. Before taking one of these loans out, there are a few things you need to know about them and this article will take a look at a few of those things.
- Hard Money Loans are Relatively Short: Unlike other loans, which can be taken out for a long period of time, hard money loans are typically short in duration, ranging anywhere from six months to a year, though they can be extended to last longer in some cases. Hard money loans are meant to provide funds for a relatively short project, like renovating a house, that’s why they’re meant to be paid