Please explain a Hard money lender

[Dakota Cochran]

so basically I’m new to real estate and I’m looking at a property , the guy wants cash only and if I don’t have the funds and don’t want a partner that leaves hard money lending, right? So I think I have a basic understanding but what’s the fine print? How do i find a hard money lender, what’s a good interest rate,  any major things to watch for or anything I need to know to protect myself? 

Thanks a million! 

[Matthew Crivelli]

@Dakota Cochran

Ask people you trust for recommendations if you have local real estate connections. Also it doesn't hurt to call around, you will get a much better understanding of how HM lending works if you can get a knowledgeable lender on the phone. 

BP also has a way to search for HM lenders, it is a good tool to use as well. 

Like others have said, don't ever wire money to anyone other than a closing attorney or title company. Usually a lender asking for direct payment is a give away that you are dealing with a scammer.