It is money from private lenders, not banks or mortgage brokers. They will usually only lend up to 60%-70% of the value of the PROPERTY, regardless of the purchase price. Their intest is higher and points more, but these are usually short term loans for flips or rehabs.
Posted by Sal Cincinelli on November 02, 2000 at 07:39:20:
Hello all,
I am a newbie, and I have been looking for a good definition of “Hard Money.” Can anyone help me here? I didn’t see a definition in the glossary of lending terms on this website… Also, I know this has been asked before but it can’t hurt to ask again: Is anyone on this newsgroup practicing the techniques on this website (particularly “flipping”) in the NYC area? How about the suburbs, like Nassau County? Thanks in advance folks…
-Sal Cincinelli