HML vs Bank first investment

[Jasmine Claye]

How many people used hard money lenders versus financial institutions on their first investment property? I understand hard money lenders have higher interest rates & shorter loan repayment terms. Only benefit I can think of for using hard money lender instead of a bank is a quicker close. Any other benefits? Hard money lenders are usually for people who may not qualify for a bank loan. Any investors decided to use a hml their first time? Or were you afraid of the risk from the terms, etc.?