Finance
A 'hard money loan' in New York real estate is typically characterized by:
ALow interest rates and long terms
BShort-term, higher-rate lending based primarily on collateral value rather than borrower creditworthiness✓ Correct
CFinancing from a federal savings bank
DA government-guaranteed loan program
Explanation
Hard money loans are short-term, asset-based loans commonly used by real estate investors for acquisitions or renovations. They carry higher interest rates and fees than conventional loans and are based primarily on the collateral's value.
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