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What is a Hard Money Construction Loan?
Unless you work in the construction industry, you probably aren’t aware of hard money lender’s frequent collaborations with developers. Banks typically look at construction loans as too risky making hard money lenders developer’s best option for financing. 
Details of Hard Money Construction Loans
Hard money construction loans are a specific form of financing that is offered to developers planning to build new residential or commercial projects. However, there are factors involved when a lender is making a decision to finance you. Typically, if your lender feels confident on the returns of your project, your interest rates and required money down will be lower. Investors want to thoroughly understand the purpose of your property, the value of your property upon completion and regulations in your state. As a rule of thumb, it is easier to work with a hard money lender in your state, or a lender that is familiar with your state regulations. 
Depending on the factors of your project, some lenders will finance up to 90% of the purchase price and 100% of construction costs. Rates can start as low as 7.99%, with interest only payments that typically run from 6 to 18 months. However, hard money construction loans can be extended out to ... more

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