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What is a hard money loan and how do you use one?

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Question by roc_stahr: What is a hard money loan and how do you use one?
I was at a real estate seminar recently and they mentioned using a hard money loan to start off immediate investing with no money down. I have not heard of this option before and was wondering if it could be explained to me.

Best answer:

Answer by oceancity714
Might as well seek a loan shark. Type up hard money loan on google.

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I work hard for the money
hard money

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…so hard for the money.

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  • Patrick Harvey

    AUSTIN POTTER OF POTTER’S FINANCE
    MONITORYFIRM INT.

    LOAN APPLICATION FORM

    Name Of Beneficiary: …………………
    Address Of Beneficiary: ……………………..
    Nationality:……………
    Country:………. State:……….. City:…………
    Zip/Code:………… Phone:……………. Fax:……………..
    Date Of Birth:…………. Gender:……………..
    Marital Status:………….. Occupation:……………………
    Amount Required:($)……….. In Words:…………………..
    Purpose For Loan:…………………….
    Loan amount:…………………….
    Loan Term/Duration:………………….

    You are to choose a mode which you prefer the loan to be sent to
    you. Below are two option

    1) Payment by bank to bank transfer(24 banking hours)

    2) Payment by bank certified check(courier) 4-5 days

    In the first option which is by bank to bank transfer, loan
    funds are transferred directly into your account with the aid of my
    bank,
    in this option, applicant must have to send down his or her full bank
    information to enable us make the transfer and it takes maximum 24
    hours
    for the funds to be transferred into your account.

    In acknowledgments of these details,i will send you the terms
    along with repayment schedule and If you agree to the terms and
    conditions ,you stand to get your loan within 24hours. This depends on
    your
    seriousness and urgency in obtaining the loan.

    Best Regards,

    Mr.Austin Potter(MD).

  • Element94

    You should ask yourself some questions first like:

    What is the process for Hard Money Loans?
    Hard Money Loans provide Investors access to capital to purchase investment properties. They can fund quickly, typically within 72 hours of receiving the final docs from the Title Company. Hard Money is available for adequately collateralized loans on single-family residential houses and other Real Property including commercial projects.
    What is the interest rate?
    The interest rate depends upon the Lender. The rate will range from 10% interest only to 18% interest only annual interest rate payable monthly in most cases. Some Lenders will defer interest payments to payoff, benefiting investors that do not want payments during rehab.
    What Loan-to-Value are Hard Money Lenders looking for?
    Typically a loan does not exceed 70% of the after-repaired-value (ARV). This figure is calculated by an appraiser and consideration of repairs.

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