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I used to think a hard money loan was just for flippers in a rush
For years, I figured those short term loans with high rates were only for house flippers who needed to close fast and didn't care about cost. Then my partner and I found a perfect spot for a small brewery in an old warehouse, but the building needed a full environmental check that would take months. A local lender in Asheville explained a hard money loan could cover the purchase and the first phase of work while we waited for the slow SBA loan to finish. We got $425k in about 10 days, which let us lock the place down. The rate was high, around 12%, but we planned to pay it off in under a year with the SBA funds. It worked perfectly and we'd have lost the property without it. Has anyone else used a hard money loan for something other than a quick flip?
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