I'm just curious whether hard money loans are ever collateralized by anything other than the real estate being purchased.

Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Your real estate attorney can assist in drafting it, but the buyer can pay the taxes and insurance and have rights to the property, but if they don't pay, it will make it easier to recoup the collateral.

Often times those who enter the alt lending space wind up with novices as their customer base with poorly located collateral and limited experience.  

with my commercial banks fico was not the driving factor it was experience collateral protection IE equity and Character with gov mit backed loans they could give a rip about character  its all about fico and DTI. 

I even got an email from a private lender offering a loan AND the collateral due to the borrower burning through capital and now they are stuck with it. 

Last thing you want is the bank forwarding 100's of thousands of dollars to a manufacturer before you have the underlying collateral attached to your property that you own.

What if the borrower put another property they have as collateral?  

Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

DSCR is not necessarily a better option in this case, they still need a solid collateral even more so as the building has to qualify more than you do.