Hard Money Lending: Is it 'the norm' for 'advances' to be paid AFTER the work is complete?

[Dan Costantino]

I got my first Hard Money Loan.  Everything is fine, but I was surprised that I won't be 'advanced' any rehab money.  They will only reimburse me after work is complete.  This is a $50k rehab, so I will need about $15k liquid at all times in addition to the $15k I brought to closing.

Terms are $1000 loan fee, 1.5% prepayment fee, 10% on 20 yr amortization.

$78,000 loan

Thoughts?