Hard Money Lending?
In the past, I have purchased foreclosed homes. I have purchased those homes with cash from my credit card. I have done the rehabs via cash from my credit card. When finished, I did a cash out refinance and paid off my credit cards, and then rented the duplexes for my cash flow.
I need to again purchase a foreclosed house, but because my cards all have high interest rates, I am hesitant to put $70K on the cards. What are my options using hard money?
What is hard money...and how does the process work. Paperwork requirements, and payoff time limits. Anybody who uses these loans on a regular basis, I would be interested in feedback or suggestions. G 
Hello from Appleton! Hard money is someone who has money that they can get to you in a quick and timely fashion with out alot of red tape. Each HML is different on what they offer for terms. Most will have points that you pay upfront and then interest for the term of the loan with no pre-payment penalty. I say most cause some are different and have their own ways of doing business. You may want to contact a family member of friend to see if they would be interested in making more than 3% interest with their bonds or 8% in their 401K. Alot of HML start in the 500K range and higher but there are a few that will go lower, and some of those few could be family or friends. Hope this helps.
Nate