Isnt hard money same as cash?

[Alex Shaughnessy]

I think im a bit confused about hard money. I found a deal that said cash only. given the fact I didn't have that much cash, do not have the network yet to get private funds, I decided to look into a hard money lender. I was told if they want cash then they cant finance it because it is still technically a loan. I was under the impression that for people in my situation dealing w/ cash offers, ppl go to hard money because it was the same. am I misunderstanding? thanks

[Andrew Syrios]

Hard money loans are still considered loans. Sellers who want cash only are looking for that because they want a guaranteed close (i.e. they don't want to risk the financing falling through, which can potentially happen on a hard money loan just like a bank loan). That being said, cash only sellers will sometimes take financed offers (assuming it's not an institution with rigid rules). Everything is negotiable.