Finance
In Wyoming, a hard money loan is characterized by:
ALow interest rates from government programs
BShort-term, high-interest rate loans based primarily on the property's collateral value rather than the borrower's creditworthiness✓ Correct
CLoans made by federal savings banks only
DFixed-rate loans with 30-year terms
Explanation
Hard money loans are typically short-term, higher-interest-rate loans from private lenders that are primarily asset-based (based on the collateral property's value). They are used by investors, fix-and-flip operators, and borrowers who cannot qualify for conventional financing.
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