HML/Private lender questions

[Daniel A. Abreu]

Hi all, My wife and I are relatively new to the investment side of real estate and are planning on doing a couple of buy/flips for the rest of the year in our area. We are weighing options between private lenders and hard money. My basic question here is: what are HML looking for? What do I need to get approved? Do I give them my business plan? Do I need to be under contract or not? This side of it is pretty new to me, and I’d appreciate any and all info available. How about private lenders? I would imagine they definitely want a solid game plan to make sure they know how their money is being put to use. Or do all they care about is their return? Thanks for the help!!!