Who needs a hard money construction loan?
Borrowers who can’t quite qualify for a conventional construction loan may be told they need a hard money construction loan. This is especially true if you need construction financing for commercial properties. Hard money loans are usually private money and the state you want to build a commercial building may not be attractive to commercial lenders. Some investors or those wanting a custom built expensive residence find it more convenient to turn to private money construction loan lenders because restrictions are much looser to compensate for the rates.
