Finance
A hard money loan in real estate is typically characterized by:
AVery low interest rates and long repayment terms from government programs
BShort-term, asset-based lending at higher interest rates, often used by investors who cannot obtain conventional financing✓ Correct
CZero-interest loans for first-time homebuyers
DLong-term financing with fixed government-set rates
Explanation
Hard money loans are short-term, asset-based loans provided by private lenders at higher interest rates and fees. They are often used by real estate investors for fix-and-flip projects or purchases that don't qualify for conventional financing. Approval is based primarily on the value of the property, not the borrower's creditworthiness.
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