Get under contract first, then find hard money?

[Kyle Wilson]

As a newbie looking to do my first BRRRR or Fix & Flip, I'm realizing I'm not sure what the proper protocol is with regards to lining up cash for the deal first (hard money) vs getting a deal under contract first, then securing hard money. How does it usually work? Is it okay to get a deal under contract first, and then talk seriously with a hard money lender? What happens if I don't get approved? Just back out of the deal and get my earnest money back?

(I am speaking with several hard money lenders first, so I have a small relationship already established, but they are saying once I have a deal, they can talk specific numbers, approval, etc).