I still don’t get it and would love a simple plain English explanation. Thank You!
I'll give it a shot... :) A Hard Money lender is typically an actual company set up specifically to lend and has systems/processes, its own attorneys and form documents used for transacting. A Private Lender is not set up that way but is someone with the capital to lend and is OK with a promissory note, amortization schedule and business plan for what you are trying to do. A private lender is typically someone you know that has capital and wants a specific return on it, willing to lend it to those who are good stewards of it.
Hard money: people that do this for a living, often times bundling or selling your note to another person after origination. Higher interest rates, higher points.
Private money: Individual investors, more flexible terms, likely better rates, harder to find.
@Tom Wagner perfect!!! Thank you both!
What 👆they said, don’t try to over think it