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A hard money loan is a real estate loan secured by real property. Most hard money loans are short-term loans of 1 year or less. However, there are key differences between a hard money loan and a regular conventional loan made by institutions such as bank or hedge funds.
A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies. interest rates are typically higher than conventional commercial or residential property loans, starting at 7.7%,  because of the higher risk and shorter duration of the loan.
· Most hard money-lenders are charging 10 to 16 percent and points for their money. Points are a percentage of the total loan and can add costs quickly when a hard money-lender is charging 2, 3 or even 4 points on a loan. Hard money loans are typically used for fix and flips because they usually have a one year term.
When obtaining a hard money loan your lender will require you to provide the property as collateral to secure the loan. The loan serves as the lender’s interest in the property. The conditional ownership, or interest, that the lender takes on your property is known as a lien, which is a backup plan should you fail.
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Hard Money Loan Percentage Rates Loan Rates – Michigan One Community Credit Union – Michigan One Community Credit Union – Loan Rates. Type B RV’s: Effective Date: 03/14/19 Includes: UTV’s and/or ATV’s, truck campers, tent campers, certain heavy duty trailers, snowmobiles, lawn tractors, off-road motorcycles, personal watercraft, enclosed trailers without living quarters (On purchases, lower rate .5% with 10% down or 1% with 20% down!
Residential hard money loans (for investment or owner occupied properties) are intended for short-term use only, generally 3-5 years. Especially in the case of an owner occupied borrower, North Coast Financial would require that the borrower has a reasonable plan in place to obtain long term financing.