So what qualifies a borrower for a hard money loan?(+ a few questions)

[Manuel Sarabia]

If ficos and income are not the issue, what do they look at in a borrower?

I'm looking into taking this route in hopes I can get a loan. My situation, My middle score is about 610. My business income(RE commissions, etc) is low but my rental and flip income drives my total income significantly high. But most lenders I've gone to don't consider my flip and rental income when trying to obtain a conventional loan. I have 4 properties that are paid for, 1 with a mortgage that pays for itself.

I have about 150k tied up in flips and another 40k or so in my bank account. I'm hoping to get some sort of loan(50k-75k will suffice) so I can have enough to repair all three properties at the same. So my questions are.

1. Do I fit the ideal borrower for a hard money loan?

2. What property does the HML use as collateral, is it one of the flip properties I want to use the money on, one that I already own, or my primary residence?

3. How long does it take to close a loan?

4. Does the hard money loan show up on your credit, and does it have any negative impact?

I sent out an email inquiry to two lenders in the San Diego area. Hopefully I get some communication going by Monday. 

[Cornelius Charles]

Hey Manuel. I am brand new and haven't done any flips yet, but I have been talking to various hard money lenders to get as much financing as I can squared away up front.  About 1/3 of the lenders I have talked to were able to pre-qualify me based off my personal finances.I don't have much capital, but pretty decent credit score, so I was able to get pre-quals and proofs of funding that route.  The other 2/3 of the lenders told me that they only lend based on the deal itself, and asked me to apply once I have a property under contract.  I know that doesn't answer all your questions, but I hope it helps a little.