Looking at possible purchase and need hard money loan info

[Sonya Hopson]

Hi,

I have found what I think may be a great deal and the homeowner wants cash asap.  I haven't mortgaged anything in over 30 years but remember it taking awhile.  How does the hard money lending work? i know its a higher interest rate but will I be able to make payments or does it come due as a lump sum? ( I need $30,000 and was going to rent out the property until it sold, so would be afraid to agree to a lump sum within a specific time.)  I have good credit, just unsure about borrowing from a mortgage company and receiving cash and in a timely manner.

Thanks in advance for any help/suggestions