Posted By: Dr. Frugal in Loans on 11/10/2007 at 06:29:19
In light of a recent discussion at work I thought I would quickly address what is referred to as a hard lender today. As far as I know, hard lenders only hang around real estate but I guess there could be more for any really-big-ticket item. If you find a house worth $1m for $600k then these hard lenders will loan you the money for the full million. They're banking on you missing a payment and then taking over the $1m property for the $600k investment. Hard lenders could care less about your credit--they care only about whatever you're trying to buy and how much it's actually worth.
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