Finance
In NJ, a 'hard money' loan used in real estate investment typically features:
ALow interest rates and long terms
BHigher interest rates, shorter terms, and asset-based underwriting rather than borrower creditworthiness✓ Correct
CFHA insurance
DNo interest charges
Explanation
Hard money loans are short-term, asset-based loans from private lenders, typically carrying higher interest rates (8–15%+) and fees. Approval is based primarily on the property's value rather than the borrower's credit, making them common for fix-and-flip investors.
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