We are always getting mail asking about hard money lenders. Questions such as what are Hard Money Lenders, Who are the best hard money lenders and what hard money lenders are in my area are among the top.
Fist lets begin with the definition. In Las Vegas hard money Lenders are individuals or small companies that will loan money to others when other public institutions will not. Often hard money lenders loan money to small companies or individuals who need money for the short term but who cannot secure a loan from a bank or other public institution.
You might ask, what's the catch? Well, hard money lenders such as Las Vegas hard money lenders tend to charge interest on their loans that would make public institutions cringe. Often Hard Money lenders can get into the 15-20% interest range.
I often hear people talk about money lenders as if they are some sort of semi legal organization. Out to swindle the average Joe, with bad credit out of his or her hard earned money.
It is important to understand that these money lenders are not people who will chop off your fingers if you miss their deadline, they are Businesses.
They are people and companies who have large amounts of cash willing to take a low – medium risk in order to gain 15-20% on their investment in a matter of a few months. I know that if I had $50,000 to $100,000 sitting around I rather know it will be worth 20% more in a few months rather than just sitting in my bank account.
So, what happens to you if you can't pay back the people who loaned you the money? Well often they will assume ownership of the item(s) you used the loan to purchase. Money lenders often lend people money for mortgages. In this way they can be sure they will either gain a healthy return on their money or acquire some property worth their investment.
The most respected Las Vegas hard money lenders are
America's Lending Partners' free loan request service will match you with up to four lenders to help you.