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
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—James A. Garfield (1831–1881)
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But more, for that in low simplicity
He lends out money gratis, and brings down
The rate of usance here with us in Venice.”
—William Shakespeare (1564–1616)
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—William Faulkner (1897–1962)