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Most lenders won’t give out hard loans for noninvestment purposes, meaning that if you’re banking on hard money loans to fund your own private home, you could be out of luck. Some lenders will make hard money loans to consumers; however, this opens a whole new can of regulatory worms, says Don Hensel, a California-based hard money lender.
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Hard money loans, also called bridge loans, are short-term loans that are commonly used by investors, such as house flippers or developers who renovate properties to sell.. How to get a home.
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