Too many people use labels to claim things are "hard money" or "wholesale deals" when in reality, they aren't those things; at all.
Hard money, Wholesales, Investor, Contractor, Expert, Assignment, Mentor...
All words that are misused, non-stop, by people who want to be pro's but don't stop to learn what things really should be.
What are you asking here?
There are various types of lenders out there. Some are hard money, some are more traditional with higher interest rates. Some asset-based lenders have both hard money and long term options.
As far as recourse is concerned, almost everything is full recourse to the borrower/investor. Those that are disguised as "non-recourse" are not that at all. They come with bad boy carve-outs which protect the lender in the event of default, so it’s virtually the same as full-recourse.
@Rick Taldykin I noticed that you work for a lender, I am a bit confused how a person licensed to do loans wouldn't know "asset based" would be non-recourse. Why not just call things what they are? There is nothing wrong with recourse loans, but they just should be called what they are instead of claiming they are something they arent.
i.e. years ago the rule was that if a hard money lender would do the deal for 2 points and fund the rehab then it was a deal. However, if you change the "rules" to make it so the deal doesn't have to be one to fit the "non-recourse" of a hard money loan, then you are changing what fits as a "deal" under the new rules.
Its a common tactic by those who want to fund more (non) deals AND not have to risk taking back the deal if the investor fails.
Just seems like a bit of fraud tactic to me. (and what has allowed "wholesellers" to pawn off crap on newbies)