That is the beauty of hard money, pure and simple. Typically, the process is without the need for credit reports, income tax returns, verification of employment, or evidence of a track record in your business.
If that is so, then what does a hard money lender need to process a loan application quickly?
Getting to the basics of the difference, the focus of a hard money lender is on the purpose for which the funds are needed (no consumer loans), and what is the nature and value of the collateral to be pledged for the loan's repayment?
Hard money loans are made for 1 year at a time, typically. Payments of interest are required each month, typically. And there are no penalties for a prepayment of the principal, typically.
Hard money loans secured by real estate are not the only kinds of hard money loans.
LaunchPad Cafe, Ltd. is planning to become a resource and broker for many different types of alternative forms of funding for entrepreneurs.
Keep watching this website to learn of our progress.
Steve Replin, President
LaunchPad Cafe, Ltd.