Finance
In Rhode Island, what is a 'hard money loan'?
AA government-subsidized low-interest loan
BA short-term, asset-based loan typically from private lenders at higher interest rates, often used for investment properties or fix-and-flip projects✓ Correct
CA conventional 30-year fixed mortgage
DA loan guaranteed by the state of Rhode Island
Explanation
Hard money loans are short-term, asset-based (collateral-focused) loans made by private lenders or investors. They carry higher interest rates and fees and are commonly used for investment properties, fix-and-flip projects, or when quick financing is needed.
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