Finance
A 'hard money loan' commonly used by New Mexico real estate investors is characterized by:
ALow interest rates and long terms
BAsset-based lending at higher interest rates with short terms, typically from private investors✓ Correct
CFHA insurance and low down payments
DNo collateral required
Explanation
Hard money loans are short-term, asset-based loans from private lenders (not banks), typically used for fix-and-flip or bridge financing. They carry higher interest rates but close quickly without traditional underwriting.
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