Hard Money Rate
Hard Money Mortgage loans are generally more expensive than traditional sub-prime mortgages. However all mortgage loans are not necessarily considered to be a high cost mortgage. Generally a hard money loan carries additional risk that a borrower is aware of. Private investors are generally only willing to create hard money loans in return for a very high interest rate (often about 11.5% plus five points for residential home purchases). Rather than selling the property a borrower will opt to keep the loan and if a lender is willing to assume some of the risk by offering a hard money loan.
Read more about this topic: Hard Money Loan
Famous quotes containing the words hard, money and/or rate:
“Let not the tie be mercenary, though the service is measured in money. Make yourself necessary to somebody. Do not make life hard to any.”
—Ralph Waldo Emerson (1803–1882)
“If all the rich men in the world divided up their money amongst themselves, there wouldn’t be enough to go round.”
—Christina Stead (1902–1983)
“Strange that the vanity which accompanies beauty—excusable, perhaps, when there is such great beauty, or at any rate understandable—should persist after the beauty was gone.”
—Mary A. [Elizabeth, Countess Von] Arnim (1866–1941)