Updated almost 10 years ago on . Most recent reply
Hard Loans Explained
Can anyone tell me exactly how a hard loan works? I was under the impression that if a house was $500k and you brought in $300k of your own cash, you could get a high interest hard money loan for $200k to allow you to effectively purchase the property for $500k cash. Is this correct? What are the pros and cons of using this type of financing and are there better alternatives?