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:
“Alas, poor shepherd, searching of thy wound,
I have by hard adventure found mine own.”
—William Shakespeare (1564–1616)
“The money complex is the demonic, and the demonic is God’s ape; the money complex is therefore the heir to and substitute for the religious complex, an attempt to find God in things.”
—Norman O. Brown (b. 1913)
“This is the essential distinction—even opposition—between the painting and the film: the painting is composed subjectively, the film objectively. However highly we rate the function of the scenario writer—in actual practice it is rated very low—we must recognize that the film is not transposed directly and freely from the mind by means of a docile medium like paint, but must be cut piece-meal out of the lumbering material of the actual visible world.”
—Sir Herbert Read (1893–1968)