Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Agent
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

25
Posts
2
Votes
Cerise Goldberg
  • Rental Property Investor
  • New York City, NY
2
Votes |
25
Posts

How does a hard money loan work ?

Cerise Goldberg
  • Rental Property Investor
  • New York City, NY
Posted

How does a hard money loan work?

Most Popular Reply

User Stats

488
Posts
186
Votes
Bob Reinhard
  • Lender
  • Patterson, NY
186
Votes |
488
Posts
Bob Reinhard
  • Lender
  • Patterson, NY
Replied

@Cerise Goldberg

Howdy.

The same as every other loan except the loan is asset based instead of your credit being used. Appraisal required.

Loans close very quickly because of this.

Rates are higher, points are involved as with conventional loan, term is usually 12 months or less.

Much success.

Bob

Loading replies...