I have not had any transaction with a â€œhard moneyâ€ lender but I do receive their ads from time to time. Here is a quote that I extracted from an email that I received.
â€œcall me when you need hard $$$. We go to 60% LTV with very attractive loan products that are interest only. We lend only in CA & also lend up to 50% LTV on raw land...
We are equity driven - therefore bad credit is ok, mtg lates, etc...We lend with a 350 fico score ...â€
Hard money loans are for desperate or special situations. I know that sounds judgmental but only the borrower can determine if the need justifies the cost.
Email me if you would like contact info for a couple of â€œhard moneyâ€ lenders. I do not know them personally and do not vouch for them. You are on your own.