A hard money lender, similar to a bank, will hold the first position lien on the home until the borrower repays the loan, but the borrower will be the owner and will hold the deed, explains Mat Trenchard, acquisitions manager with Senna House Buyers , one of the largest house-buying companies in Houston. Neither Investopedia nor the author endorse any of these companies. Borrowers must submit bank statements to show they can cover the down payment and closing costs.