Finance
In New Mexico, a 'hard money loan' is typically characterized by:
ALow interest rates and long terms from traditional banks
BShort-term, high-interest financing based primarily on collateral value (the property) rather than borrower creditworthiness✓ Correct
CGovernment-backed financing for low-income buyers
DA loan with no origination fees
Explanation
Hard money loans are asset-based loans from private lenders, secured primarily by the property's value. They feature high interest rates, short terms (1-3 years), and fast funding — commonly used by real estate investors and house flippers.
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