A hard money loan is loan secured by real property. Hard money loans are considered loans of "last resort" as loans are primarily used in real estate transactions, with the lender generally being individuals or companies and not banks. Hard money loans have terms based on the value of the property being used as collateral instead of the worthiness of the borrower's credit. Traditional lenders do not make hard money loans, so lenders of hard money loans are usually private individuals that see the value in these ventures.
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