Hard Money Mortgage

Any mortgage loan given to a borrower in exchange for cash, as opposed to a mortgage given to finance a specific real estate purchase. Often, a hard money mortgage will take the form of a second mortgage given to a private mortgage company in exchange for the cash needed to purchase an item of personal property or solve some personal financial crisis. The borrower in this case would pledge the equity in his or her property as collateral for the hard money mortgage.

As opposed to a soft money mortgage, i.e., the money to be financed under a purchase‑money mortgage as a part of the purchase price.

Source: The Language of Real Estate, 7th Edition, by John Reilly,  Dearborn Real Estate Education