A hard money loan is considered cash by most Sellers, making these loans perfect for real estate investors looking to purchase properties quickly to beat competition.
Because hard money loans have short-terms, depend on the after repair value of a property rather than a borrower's credit score, can fund projects from $50,000 to more than $10 million, and, with Intrust Funding's hard money loan, can fund deals within 48 hours of a completed application, hard money loans are a great option for real estate investors who need to close on a property quickly, fund a renovation project, or both!
Hard money loans are short-term loans for real estate investors. Using equity in other properties,or the investment property itself to secure the loan, hard money loans are typically used for a 5-12 month period to fund property acquisition, renovation costs, or both. As opposed to a conventional loan from a bank, a hard money loan is not contingent on the borrower's credit, but rather on the after repair value (ARV) of the investment property.