Need Help Understanding Hard Money Loans. Thank You!

[Nicholas K.]

I am new to the BRRR process and I am trying to wrap my head around how hard money loans work. My questions are; Does the money pay for the property and the rehab costs? Do I put a down payment down? And if so, does the down payment cover the reno costs and the cost of the property? Or is it just for the property?

Thanks in advance!