Hard Money Loans typically come from private investors who will lend money based on your equity in the property rather than credit and income at extremely high interest rates. Loan approval tends to take place within a few days, funding follows shortly. Loan amounts are typically enough to bring existing loans current, pay the financing costs and put some money in your pocket. Although amortized as if a 30 year loan to keep the initial payments lower, the balance will actually be due as a balloon payment in 2 to 5 years. A subprime lender might be a better option. Be sure to read the fine print!! Here are things to watch out for to avoid predatory lenders.

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