Finance
A Pennsylvania 'hard money loan' is characterized by:
AVery low interest rates from government programs
BAsset-based lending with high interest rates and fees, typically from private lenders✓ Correct
CLong-term fixed rates with no prepayment penalties
DGovernment-backed loans for hard-to-finance properties
Explanation
Hard money loans are short-term, asset-based loans from private lenders — not banks — secured by the property's value rather than the borrower's creditworthiness. They carry high interest rates (8–15%+) and fees but provide quick financing for investors who need to close fast or cannot qualify for conventional loans.
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