What’s the Difference between a Hard Money Loan and a Private Money Loan?
You’re buying a property and your bank financing is turned down. Your real estate agent might recommend you find a hard money loan to close the transaction. Searching online, you notice a lot of information for hard money loans, and additional information about something called private money loans — which seem like the same thing. And you’d be mostly right. But while they’re very similar, there are some differences between the two terms.