Hard money loans (loans underwritten with the condition and value of the property only as the primary criterium for approval) are increasingly more common. I have 150+ hard money lenders in my network, primarily for commercial loans. A few lenders will also buy properties quickly.

Uses of hard money loans
The value of the property is the primary criterium for approval, but the borrower can deliver added strength. The lender will focus on current value and the potential for added, or increasing value. Any business initiatives associated with the property should therefore be well-articulated. Typical uses include:

• Anything! (but you must make the business case)
• Pre-construction and land development
• Mezzanine and bridge financing
• Acquisition and improvements
• Financial crisis, including foreclosure avoidance

Typical hard money loan terms

• Loan size: $50,000 minimum
• Location: Urban, suburban, rural
• Collateral: All types properties
• Rates: 11-16%
• Term: 1-3 years, interest only
• Max LTV: 75%, usually 60-65%

Hard money lenders who also buy property
I am working with a few commercial lenders, who also buy properties. Ideal for situations that require immediate action. Commitments are issued within 48 hours, and closing 2 weeks later. Commercial property (including land) only.