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Updated almost 4 years ago on . Most recent reply

Cerise Goldberg's profile image
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Cerise Goldberg
  • Rental Property Investor
  • from New York City, NY
  • Member since Aug 19, 2020
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Cerise Goldberg's profile image
Cerise Goldberg's profile image
Cerise Goldberg
  • Rental Property Investor
  • from New York City, NY
  • Member since Aug 19, 2020
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Cerise Goldberg
  • Rental Property Investor
  • New York City, NY
2
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Real Estate Agent

How does a hard money loan work ?

Cerise Goldberg
  • Rental Property Investor
  • New York City, NY
Posted

How does a hard money loan work?

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Bob Reinhard's profile image
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Bob Reinhard
  • Lender
  • from Patterson, NY
  • Member since Oct 23, 2017
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Bob Reinhard
  • Lender
  • from Patterson, NY
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Bob Reinhard
  • Lender
  • Patterson, NY
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Bob Reinhard
  • Lender
  • Patterson, NY
Replied

@Cerise Goldberg

Howdy.

The same as every other loan except the loan is asset based instead of your credit being used. Appraisal required.

Loans close very quickly because of this.

Rates are higher, points are involved as with conventional loan, term is usually 12 months or less.

Much success.

Bob

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