Hard Money Lender Vs Private Lender

The fundamental difference between private money lenders and hard money lenders is that the hard money lenders tend to function more on the format of banks, the private money lenders don’t follow any institutional criteria at all. The hard money lenders tend to focus entirely on the figures that speak their profit, like the interest, they will make, and they are not much concerned about the property.

CoreVest is a private, asset based lender for real estate investors. The company offers better rates than traditional hard money loans, with many of the same benefits. The truth is that hard money loans are asset based lending.

Funding time: The best hard money lenders can fund in roughly 10 to 15 days, allowing both short- and long-term investors to compete with all-cash buyers, closing deals quickly. Customer service: The best hard money lenders are typically online lenders who offer a higher level of customer service than traditional hard money lenders.

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Not unlike private money lenders, hard money provides short-term, high-rate loans, and will also typically cover the cost of purchase and rehab expenses. However, hard money lenders are typically more organized and semi-institutional.

If you are unclear on the difference between private and hard money, read part 4 of our series: A Guide For Private Money Lenders: Private Vs. hard money. part 4 will explain the benefits and disadvantages of funding deals with private money vs hard money. Private money lending can involve anyone with a little extra cash they want to invest.

Both hard money and private money can potentially help you get involved with real estate investment. While these two types of loans are very similar, there are a few key differences that you will need to be aware of. Here are the basics of hard money and private money and how they are different.

Most private money lenders want to keep their loans within a short distance from where they live, while hard money lenders usually have more of a national reach. Some private lenders will fund up to 100% of your deal, while hard money lenders will require you to have some of your own money in the deal.

lender owned by private equity firm Loan Star Funds and Legg Mason Inc.’s bond firm Western Asset Management, which plans to buy non-QM loans from lenders. Perrin is working with non-QM lenders.

RCN Capital is a national, direct private real estate lender that specializes in providing short-term, hard money loans to real estate professionals.

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