Finance
A 'hard money loan' in California is typically characterized by which of the following?
ALow interest rates and long repayment terms from conventional lenders
BGovernment backing from FHA or VA
CShort terms, high interest rates, and collateral-based underwriting from private lenders✓ Correct
DFixed rates and standard amortization identical to conventional mortgages
Explanation
Hard money loans are short-term, high-interest loans from private investors or companies that focus primarily on collateral value (the property) rather than the borrower's creditworthiness. They are commonly used by real estate investors and house flippers.
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