Pros/Cons of Hard Money Lending?
I've been combing through a lot of hard money loan questions people have been asking the past few years and a lot of the questions often come from the perspective of someone trying to obtain a hard money loan. I know this website/forum primary focuses on real estate investing in homes, multi-family, commercial etc.. but I'm going to ask a question coming from the perspective of the hard money lender (I'm not actually a lender)
- What are the pros of being a hard money lender?
- What are the cons of being a hard money lender?
- If one of clients (the person your lending money too) declares bankruptcy can you (as the lender) lay claim to the property because it's an asset-based loan? or the fact that it's an asset-based loan does not matter and you can't legally claim ownership of the property
- I know this question is local specific but whats the typical APR on an hard money loan?