Why do people use hard money lender?

[Michael Y.]

Fairly basic question, but want to understand a few of reasons. Are people just using them to purchase cash only properties? Or are you they using them because the bank won't lend to them? What's the typical LTV on a hard money loan (ballpark as I know it's case specific)

If it is a cash only property do people use hard money and then refinance with traditional financing after rehabbed and stabilized?

Lastly, people mention that hard money lenders only finance people with a track record. How do you show your track record? Do you need an LLC?