Maryland hard money lenders are a niche of the financial sector that meets the demand of a very particular sort of borrower. There are many reasons why the traditional lending routes may not be appropriate for a borrower. A borrower may not want to be tied into debt for as long as a period as is traditional for a property mortgage (typically 20 to 30 years). Or, a borrower may not want to deal with a traditional bank for whatever reason.
Maryland hard money lenders really do run the gamut, in terms of what sort of makeup a lender will take up. Some take up the form of a sort of independent bank. These banks are small and typically attract a very defined set of depositors. The account requirements at these banks are niche, and tend to fit exactly the demographic and net worth of those that they particularly and deliberately target. There are also private banks. These banks cater to small niche sets of depositors as well, but they differ in that they are wholly owned by non-institution sort of actors (where as independent banks may have shares of the bank owned by pension funds, investment funds, etc.).
Hard money is one route to go if the traditional routes don’t suffice or meet the specifications of a borrower. These routes offer the particular specifications that the borrower requires, and can be found through a wide range of financial actors, from private banks to independent banks. It should be mentioned as well, that large financial conglomerate institutions also enter into hard money financing, but these are rare, and you’ll have to check with your bank if this is a service and product that can be offered to you and your specific borrowing situation. Not everybody’s financing and leveraging situation is an appropriate application of private hard money.