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Are Hard money Lenders really hard on borrowers or are they less Difficult to deal with?
And they are also declining them!  So what's the point?  Getting a loan approval depends on meeting the lenders revised guidelines.  Private Money Lenders ARE Hard Money Lenders.  Today they even try to call themselves "situational" lenders.  It seems back in the day, the high interest rates normally associated with "private" money lenders led to the private money community being defined as hard..so why didn't we call good credit lower interest rate lenders "soft money lenders?  Perhaps this is a classic example of a business sector's failure to define itself before others did.  Hard money can actually do what other banks REFUSE to do..to issue loan approvals that help a building owner out of a problem.
One example I recent ly encountered is a building owner who has a five year balloon with a national lender that comes due in one year.  We all know one year is like a week in terms of dealing with a looming and potentially dangerous balloon commercial mortgage.  But what's a building owner to do when the debt to income analysis shows that while the bills are being paid there are too many bills relative to revenue in the eyes of a conventional lender?  The building owner is ... more

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