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Hard money is an amount of money that is loaned from a borrower to a lender. The exact loan terms will vary based on the specific contract between borrower and lender. The borrower receives the money, while the lender receives monthly interest on the loan until it is paid back in full.
Like other hard money loans for construction or renovations, a portion funds are distributed at closing to finance lot acquisition, and the rest are held in escrow. The construction funds held in escrow are distributed in arrears, or after certain phases of the scope of work are completed.
How do hard money loans work? Hard money loans aren't available to everyone. Most lenders won't give out hard loans for noninvestment.
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Every hard money lender is different. But this is how. You would work out ahead of time how many draws and for how much each one will be.
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A hard money loans is a loan of "last resort" or a short-term bridge loan. Hard money loans are backed by the value of the property, not by the credit worthiness of the borrower. Since the property itself is used as the only protection against default by the borrower, hard money loans have lower loan-to-value (LTV) ratios than traditional loans.