The lender of hard money in Texas uses this type of loan on the basis of property that you wish to purchase and not on the basis of credit score. The size of this type of loan is two hundred thousand dollars and more and it is used to purchase retail, land, multifamily, condominium and so on. The loan term is one to three years along with loan extension in some cases. The interest rate is only nine percent. Starting from restructuring, property improvement to acquisition, it is used for diverse purposes. The closing time period is only ten years.