Financing the next project with hard money?

[Jason DeMauro]

I am currently under contract with my first flip. The project is a 4 bed 1.5 bath single family with a detached garage. I'll pay $13K for the house, anticipated rehab is $25k, hoping to be all-in under $40K.  Comps in the area are selling quickly for 90K-110K. I have all my contractors lined up, just waiting on a closing date to schedule. Given the location, the exterior work is going to be difficult to do in the winter, but I have a 6 week construction schedule.

With the majority of this project in place (barring any significant rehab issues), I am beginning to look into what my next deal is going to be.  Ideally I would walk into my next project once this one hits the market. However, since the majority of my cash will be tied up in this first flip, I don't have the financing worked out. 

I have been skimming some options and am leaning towards hard money. My thought is that I can get into the 2nd project and pay off the loan with the proceeds of the first flip.

 What has your experience been with hard money lenders? Any recommendations for lenders that were easy to work with? What pitfalls should I be aware of that I may not? 

-Thanks