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Risk level. Hard money loans can be a risky type of financing. Your loan is based largely on the value of the property you use to secure your loan. And if you can’t repay, the lender has the right to seize that collateral.
High interest rates and short repayment terms. Hard money lenders typically charge high interest rates to offset their risk of lending to potentially less-qualified borrowers. These loans also tend to have short repayment terms, anywhere from a few months to a few years. High rates combined with short terms can make these loans more difficult to repay than other financing options.
Down payment. Your lender may ask you to provide a down payment of 10% to 30% (or more) on your hard money loan. Generally, the stronger your credit and financial qualifications, the less of a down payment you’ll need to provide. However, a larger down payment may help you access better rates and terms.
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Risk level. Hard money loans can be a risky type of financing. Your loan is based largely on the value of the property you use to secure your loan. And if you can’t repay, the lender has the right to seize that collateral.
High interest rates and short repayment terms. Hard money lenders typically charge high interest rates to offset their risk of lending to potentially less-qualified borrowers. These loans also tend to have short repayment terms, anywhere from a few months to a few years. High rates combined with short terms can make these loans more difficult to repay than other financing options.
Down payment. Your lender may ask you to provide a down payment of 10% to 30% (or more) on your hard money loan. Generally, the stronger your credit and financial qualifications, the less of a down payment you’ll need to provide. However, a larger down payment may help you access better rates and terms.
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