A typical hard money loan usually has
a one year balloon date - Plan accordingly!

I just received a call from Bob.

One year ago, I made a $490,000 hard money loan secured by Bob's 17 acre piece of dirt in Texas.

This is how the call went:

"Hi Tom, this is Bob. Hey, I wanted to extend that hard money loan I have with you for another 3-6 months. A few things have come up recently, so I wanted to touch bases with you on this."

Today is Oct 27th.

Bob's loan is due on Oct 29th.

Don't be a Bob.