Hard Equity/Hard Money Loans:

A Hard Equity/Hard Money loan is a specific type of financing in which a borrower receives funds based mainly on the value/equity of the real estate. Loan applicants typically have bad credit or no credit history, do not meet conventional financing guidelines, are under time restraints to close a transaction, arrears on the existing mortgage or bankruptcy and foreclosure proceedings are occurring, or difficult or no income verification.

 Hard Equity/Hard Money loans are often issues as temporary loans until the applicant can restore credit and/or their current financial situation. Interest rates on Hard Equity/Hard Money loans are  higher than for conventional loans. Loan amounts for Hard Equity/Hard Money loans typically are calculated on a maximum of 65% of the current market value of the property or of the purchase price.

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