Hard money lenders?

[Jared Hettler]

So my fiancé and I are in the midst of wholesaling and we've been at it for about a week and a half now with some success (2 properties under contract at the moment...) I do a lot of on-market properties when I wholesale, and obviously the big hurdle with this is getting properties under contract at well below listing price to avoid any problems with potential cash buyers. So I'm looking at a property right now that was just posted today and it seems to be the best deal I've personally ever seen... the problem is that it's such a good deal that I would need to offer over or at asking price to get it, which would make it virtually impossible to wholesale.

My question is that would it be wise to get a hard money loan on this property to fix it and flip it? I've ran the numbers and even with high interest rates and the cost of repairs it is an extremely profitable deal. I have never gone the route of a hard money loan before nor am I very knowledgeable about it. I just know that if you present a good enough deal, they'll finance it as long as they will get paid.

I don't have a day job, as wholesaling is my job right now and I don't have a great credit score (though I don't have any mortgages owed or foreclosures or bankrupcys or anything along those lines either, and though my credit isn't great, it isn't bad either.) So I'm just curious if I should pull the trigger. How do hard money loans usually work? I know they obviously will repossess the house they finance if you don't repay the loan in time but what other things are there usually to pay attention to or worry about when dealing with hard money lenders?

I'm obviously pretty green so any information and insight is more than appreciated. Thanks for taking the time to read and I look forward to any and all responses.