A hard money loan in spanish is a short-term loan for real estate. This type of loan is typically used by people who are involved in Flipping and Renovation. They use this money to improve the value of their properties and then sell them for a profit. They pay out the loan, or prestamo, within a year or so. However, the loan can also be used for other purposes, such as purchasing or refinancing a property.
This type of loan is more flexible than a traditional loan. Hard Money providers are not bound by a standard suscripcion process and instead, evaluate each agreement on a case-by-case basis. They may allow you to make some changes in the terms of the loan, such as changing the repayment schedule.
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