Questions About Hard Money Lenders and Repayment

[Sonya B.]

Hi BP! I have a couple of SUPER NEWBIE questions about repaying a Hard Money Lender (I've never even had a regular mortgage for a personal residence). 

1. My assumption is that once you get the hard money loan and you have the property, in the interim while rehabbing and before selling the property, I would need to be making monthly payments to the Hard Money Lender until I was able to sell the property to an end buyer.

2. Don't people usually use Hard Money Lenders because they DO NOT have their own cash (or even private money) to fund the deal? So, for those who use Hard Money Lenders because they don't have their own money, where do they get the money from to make monthly payments back to the Hard Money Lender before they are able to sell the property?

Is this correct? If not, could someone please explain how the repayment would work? Thanks in advance.