Given the relationship between the lender and the borrower, a private money loan may mean more flexible terms and a lower interest rate than an equivalent hard money loan. For the average real estate borrower, private money loans are in limited supply and may be difficult to find.
Hard Money Lending Companies 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.
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Speed: because the lender is mostly focused on collateral (and less concerned with your financial position), hard money loans can be closed more quickly than traditional loans. Lenders would rather not take possession of your property, but they don’t need to spend as much time going through a loan application with a fine toothed comb – verifying your income, reviewing bank statements, and so on.
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By understanding the differences between hard money vs private money loans, you have the chance to select the option that’s right for you and your project. Though hard money loans and private money loans are very similar, as they are both loans are used for buying property.
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Instead, a hard money lender is an individual or group that uses private money to quickly finance loans. Because hard money lenders use private funds, you can bypass much of the regulatory hurdles that are part of the conventional loan application process.
What’s the difference between private money lenders and hard money lenders? There is practically no difference. Private money lenders can be hard money lenders and vice versa. In general, all hard money loans (sometimes called "hard cash loans") originate from private money sources.