Hard Money...

Hard money is just that....money when you need it that is hard to get...mainly because someone or something does not meet the normal loan requirements. But needs to get something done...at any cost to avoid loosing everything. This could incluse low or no credit scores. real property that does not qualify for a loan. Example...Client is building his own house...got a loan for the property and has built the frame and most of the house...maybe 50 to 65%, but wants to refi to finish the house. This is past a loan for consrction, but no one wants to loan on a house that is not finished. We did a hard money loan for one year. Paid off the previous loan and credited owner with an equity loan to finish the house. He finished it within 8 months and refinanced to loan at 5.250 when the house was completely finished. The hard money loan was at 11.85, so it made no sense to stay their...talk about getting creative...any other creative ideas out their?