The structure of a hard money loan?

Ok, when acquiring a property using a hard money lender how is it actually structured? I understand its typically a short term high interest loan but how it is actually arranged? 

I assume it works like a personal loan? For example the loan is written between lender and borrower, I acquire the funds before making the purchase and then purchase the home as I would in a cash deal? 

Or is the loan actually used to directly acquire the home? In this case the lender would be listed on the offer and is directly involved in the transaction up until closing?