With fewer lending restraints come some potential drawbacks of using a hard money lender. They take much less time to process than a more traditional loan and require less from an applicant. Here, hard money loans - also called bridge loans - are the way to go. In most flip or wholesale deals, you must close fast to make the deal work. ARV is an estimate of the value of the property after renovation or development. Instead, hard money lenders use the after repair value (ARV) to determine the soundness The tricky part is that hard money loans don't come from a typical bank that relies on your credit score and history to determine if you're loan-worthy. ![]() The goal is to recoup your costs and then some (hello, profit!). ![]() Hard money loans are short-term loans used to cover the cost of purchase and repairs of a (likely distressed) property from the moment you first buy it to the time you re-sell or refinance.
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