A hard money loan is practically a “Sub-prime Loan” that is based on collateral. It applies more emphasis on the equity they can lend on your property rather than on your credit and income. For the most part it is an equity based loan. The majority of the money for hard money loans comes from private investors.

Basically because it is more of an equity based loan it does not mean that only people with credit and income problem apply and get hard money loans. Lots of borrowers of hard money loans can qualify for a conventional loan. The only reason they go for a hard money loan is because they are easier and faster to get. It is common to get funding in 5 to 7 days if the borrower can provide the necessary information in a timely manor.



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