Hard Money Loan Glossary
When you take out a hard money loan – particularly if you’re a new REI – you’ll hear quite a bit of terminology. You may already be familiar with some of it, especially if you’ve taken out traditional loans before. However, some of the terms used in the hard money lending industry are different from those used in traditional lending. The Hard Money Loan Glossary Appraisal An appraisal is a statement of value on a piece of property. It’s put together by a credentialed expert who determines value based on condition, age and demand. Assignment An assignment is a written