A "hard money" loan is a short-term bridge loan used to acquire or refinance a property when conventional financing is not available or will simply take too long to close. A hard money loan is a great fit in the following situations:

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When you need to close fast (in less than 2 weeks).
When the property is not generating any income (not leased).
When the property needs renovations.
When you don't have great credit (below 620)
When you can't provide verifiable income (no tax returns available).

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At EBSC Lending, our hard money loans close very quickly... even in as little as 7 days! Our hard money loans require no personal income verification and very little documentation!

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What is a hard money loan typically used for? A hard money loan also known as an asset based loan is traditionally used to finance the acquisition of a property, as well as improvements or renovations for real estate investors or as a short term financing solution for borrowers who can not qualify with a conventional bank. In the case of a real estate investor, after the renovation is complete the property will be sold or leased up. The hard money loan will then be refinanced with a lower rate & longer term permanent financing. Essentially, hard-money loans "bridge" the gap for the investor until permanent financing becomes available or the property is sold.