Loan assumption on a property with a hard money loan

[Silas K Garrett]

Hey guys quick question, I've searched a little bit through the forum on subject to and assumable loans. I haven't seen anything when it comes to a hard money loan. Long story short this is a flip gone bad(ran out of time and money), not enough credit to refinance, so the seller wants to just walk away. I've already talked to the bank and I can get a speedy refi, any special procedures I need to know about? The sellers loan is a interest only floating rate from a hard money lender.