In some cases the low-set loan to values do not facilitate a loan sufficient to pay the existing mortgage lender off in disposal for the hard boodle lender to be in first lien position. Because securing the inheritance is the basis of governmental a hard ducats loan, the first lien ground of the lender is most often always required.
The rate is not dependent on the Bank Rate. It Hard Money Lenders is instead added dependent on the real estate market and availability of hard Almighty Dollar credit. As of 2007 and for the past decade hard filthy lucre has ranged from the mean 15%-25% range. When a borrower defaults they may be charged a higher "Default Rate". That scale can be as high as allowed by law which may go up to or around 25%-29%.