Finance
In Hawaii, a 'hard money loan' from a private lender is typically characterized by:
AA. Low interest rates and long terms for well-qualified borrowers
BB. Higher interest rates and shorter terms, with the loan secured primarily by the asset value rather than creditworthiness✓ Correct
CC. Government guarantee and low down payment requirements
DD. Fixed interest rates throughout the loan term
Explanation
Hard money loans are short-term, asset-based loans from private lenders with higher interest rates and fees, used by investors when conventional financing is unavailable or too slow.
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