As a "newbie" who is rebounding from my first REI non-deal, I am treading the waters once again and working on flipping my REI deal by December 16, 2016. Here's my question: "What is the difference between a Private Lender and a Hard Money Lender?" Thank you in advance for your response.
May we all have Bigger Pockets!
Welcome! If you search the site for "private lender vs hard money" you'll come up with a number of threads that discuss the difference, here's one https://www.biggerpockets.com/forums/49/topics/72685-private-lender-vs-hard-money-lender
From a borrower perspective it's all about the cost of money (points, rates, terms) and the risk level (will they foreclose on you, will it ruin your friendship). Tell us more about your deal.
Private lenders are friends/family/people you know who choose to invest in you. You have more flexibility to negotiate good deals here.
Hard money lenders are lending companies or sometime individuals that lend to you over a short period at a high interest rate.
I'm Las Vegas and will gladly assist you with explaining the differences and the similarities . Reach out anytime.
Originally posted by @Ifayomi OmiMeje :
May we all have Bigger Pockets!!!!
You're welcome! Let me know if you have any questions!
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