The Difference Between Hard Money Loans and Private Money Loans

To survive in today’s tough economy, business owners and real estate investors often turn to non-traditional lenders to secure financing for operating expenses or property purchases. Non-traditional lenders have emerged as an excellent option for many because they offer loans with fewer restrictions and more generous lending terms than traditional lending institutions such as bank and mortgage brokers. However, many investors and business owners find themselves confused by the difference between hard money and private money lenders.

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Financing a Garage Door With a Hard Money Loan

An automatic garage door is a must for any modern home. If you don’t have a door that automatically opens, the only alternative is manually opening your garage door every time you want to store your car. Or else you have to park you car on the street, thus leaving it vulnerable to the elements and possibly even theft. But if you want to install a new garage door, or even simply replace the system that you already have, it can sometimes be difficult to get the money you need, particularly if there are a few negative marks on your credit. But so long as you own your home, you probably won’t have much trouble getting financing if you seek out a hard money loan.

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Commercial Hard Money Loans – Your Absolute Last Resort To Finance Commercial Real Estate

You should consider getting a commercial hard money loan only after you have reached the conclusion that you absolutely will not qualify for a conventional commercial real estate loan. The decision, although tough for most commercial funding recipients, is pretty easy. Either let go of your commercial real estate or accept the terms provided by your commercial hard money lender.

» Read more: Commercial Hard Money Loans – Your Absolute Last Resort To Finance Commercial Real Estate