Is Your Hard Money Lender A “Loan to Own?”

In a recent article by Karen Freifeld for reuters.com, the Department of Financial Services is looking into 9 “hard money lenders,” to see whether they are intentionally creating hard money loans with terms that might be driving borrowers into default.

What are “hard money lenders?”  I asked my friend and colleague, Assaf Ran, CEO of Manhattan Bridge Capital, Inc., to give us an explanation of this term. Below is his response:

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