Start up capital hard money

[Daniel Souliotis]

I am in pa

How  does hard money loan exchange hands?

I  put 10% down

I get a receipt on my name 

they won't send a deed till 20 days after receiving full  payment 

how does the lender secure their loan

If I need the cash 20 days b4 I get the deed?

How do they know the value of the property to determine LTV let alone LTV after rehab?

I called a company and they said I have to buy the property first and then refinance it with them.

If I have funds to buy the property why do I need a  hard money loan?