Hard money loans are secured by real property and may not impact the borrower’s credit score, depending on the lender’s reporting practices. Hard money lending does not utilize credit score as a factor when making lending decisions. The reporting practices of hard money lenders in Tampa may vary, so it is advisable to contact individual lenders to inquire about their specific practices.
It is important to note that although hard money loans may not be reported to credit bureaus, they are still secured loans backed by real property. Failure to repay the loan could result in the lender taking possession of the collateral, which could have a negative impact on the borrower’s financial situation.