Hard Money Short Clip - No Money Down Myths
Before 2008 there was a world where 'no money down' hard money loans existed. People love to talk about those times and they love to think they still exist. 100% no money down deals killed lenders before 2008 and anyone that has tried them since has probably been bitten pretty hard. There are a few instances where these can still work which would be in the event the client has free and clear cross collateral where the collateral then acts as 'skin in the game' or if there is a JV in place. Responsible lenders will always wants to see skin in the game and responsible borrowers will expect to have some skin in the game. It is the nature of the relationship between lender and borrower that is fiscally responsible on both sides.
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