This will show the bank how you intend to fund the mortgage with rental revenue.Be prepared to provide collateral and establish the needed down payment for the loan.

This is how most hard money works now 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.

He even got me to sign a no recorse and have my house and shop as collateral...

you mean buy the land  Collateralize it , construction loan the build, refi out into the next because theres equity in it after completion?

The house is obviously not collateral for the loan. 

@Gary LeeAs someone who manages a debt fund- the only time we would do something like that would be if the borrower had significant number of other assets with equity and we would also cross collateralize them and get a personal guarantee.If you have little to no net worth then the answer is no.

yup sounds like you're doing a little bit of cross collateralization with your other properties which is totally fine and can be done . when it comes to condos in miami what you'd really need to find out is if it is a warrantable, non-warrantable or condotel property .

Since the business is selling  we would collateralize the remaining loan with a commercial building that they own and have paid off.

The downside if you plan on defaulting on this or any loan you have an account with is cross-collateral. 

So, hard money would encompass most if not all of the following characteristics: not credit based, loan amount based on the value of the hard asset offered as collateral, high interest rate and high points, short term loan, relatively low LTV, low documentation requirements, non cash flowing properties still considered.