Finance
In Washington, which of the following best describes a 'hard money loan'?
AA loan backed by the federal government
BA short-term, higher-interest loan from a private lender using the property as collateral✓ Correct
CA loan that is difficult to qualify for
DA loan requiring a cash down payment
Explanation
A hard money loan is short-term financing from a private investor or company, secured by the property's value. Interest rates are higher than conventional loans, but approval is based on property value rather than borrower creditworthiness.
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