Newbie in Arkansas Curious about how Private Lending Works

[Kenisha Chapple]

Ive been reading a few posts about Private Lenders but Im stil curious on how it works. Do i put down a downpayment? Do i pay a monthly payment? Do i have a specific time period to refinance the property? Do i also pay from the refinance? Is their a different rate for wholesaling, multifamily, or single families? Does the Lender pick the property? Any information would be great!