Hard Money Lending

[Jenny Seaborn]

We are new to the business and have not done our 1st rehab yet. I spoke with a hard money lender and he explained to me the process over the phone. I couldn't quite grasp everything he said. My main question is do you have to have money upfront to do a hard lending loan or do you pay the fee's after the rehab is done? Or do you have to pay the interest as you go? Any help would be appreciated!

Jenny