Hard money loan question

Financing, Hard Money Lenders, Private Money
1

Can someone tell me if you still have to use the financing clause on an offer when it’s an all cash hard money loan?

2

Hi,

If you don't have a commitment from your hard money lender you might want to leave the financing contingency in place until everything is approved.

I guess it really depends on whether it benefits you or not, but you probable want some contingency if it’s not a “As Is” no contingency excepted deal!

               GR
3

at least in Texas hard money is not considered to be a cash offer

4

you can take the hard money loan. Many banks and internet provide the hard money loan.

5

In CA it’s pretty common for people to write up an “all cash” offer even if they’re financing it by other means like HML. I’ve never dealt with private money before, but the reason that all cash offers are so attractive is because they take the 3rd party hold-ups out of the escrow process… no lender required repairs or appraisal issues, etc… If private money loans are collateralized by alternative assets and not the subject property being procured, then I think you would effectively be an “all cash” buyer.