Hard money is not the same as cash. Hard money refers to a type of financing that is secured by real estate, typically used as a short-term loan for flipping houses or rehabilitating properties. These loans are often characterized by higher interest rates and shorter repayment periods than traditional mortgages.
Cash, on the other hand, refers to physical currency that can be used to make purchases or pay bills. Cash is a liquid asset that can be easily converted into other forms of currency or used to pay for goods and services.
While hard money loans may be used to finance the purchase of a property or to access equity in a property, they are not the same as cash. Hard money loans must be repaid to the lender with interest, while cash is a readily available asset that does not need to be repaid.
It's important to note that hard money loans can be more expensive than traditional financing options and may not be suitable for everyone. It's always a good idea to carefully consider your options and weigh the pros and cons before committing to a hard money loan.