Finance
A 'hard money loan' is typically characterized by:
AA. Government-backed financing with strict underwriting
BB. Short-term, asset-based lending from private investors with higher rates and less stringent credit requirements✓ Correct
CC. Long-term conventional financing
DD. Loans requiring hard currency (gold or silver)
Explanation
Hard money loans are typically short-term loans from private investors or companies, secured by the property's value rather than the borrower's creditworthiness. They close quickly but carry higher interest rates and fees. Common for fix-and-flip investors.
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