@Shay Francis
Hard Money is generally lent from a professional lender who is in the business of making loans. The word "Hard" refers to a collateralized asset, in the case of real estate, the property serves as the collateral.
Private Money is lent from people who are generally not professional lenders.
'Generally' the practical difference between the two types of lenders are:
HML: Typically have more narrowly defined loan terms (this can come in the forms of the percent, points, length of loan, etc.), whereas
Private Lenders: Generally have more flexible loan terms since you are arranging your financing with someone who is not in the business.
Like many things in life, they both have their advantages and disadvantages and one is not necessarily better than the other. Also, within each group finding a good HML and good private lenders are both very important.
Best of luck and hope to see you around Connecticut!
