A hard money loan is mainly based on the value of the property as collateral and typically you can get a loan up to 70 percent of the property value. If you are tight on schedule and looking for a quick loan process with minimum paperwork. Hard money loans are the way to go (almost same as you are purchasing with cash).
Hard Money Loans range from $50,000 to millions of dollars. Terms vary but you can have very short terms up to three years and an interest rate that is typically between 8% to 10%.
Hard Money Lending Tips