What happens if you default on a hard money loan?

Hard money loans tend to be significantly more expensive than a traditional loan, often with interest rates in the range of 12% to 20% with relatively high upfront costs. In addition, the owner is usually a private individual with substantial wealth and requires collateral in the form of real estate. Hard money loans aren’t all bad as they can be a way for someone who cannot obtain traditional financing to have the means to purchase real estate.

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Flipping Houses With No Money

House flipping refers to purchasing a property for the purpose of fixing it up or upgrading it, and then selling at a profit. Flipping usually works best when you can buy an undervalued property. House flipping isn’t reserved only for those with lots of cash reserves. There are plenty of ways to do this without adequate capital. Here’s how you can flip houses with no money.

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What is the Interest Rate on a Hard Money Loan?

Generally considered a higher risk type of loan, a hard money loan can be used to purchase or refinance a property for both individuals and corporations. With considerable differences from a traditional style loan, a hard money loan is an excellent option for those looking to sell and recoup their investment money fast.

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