Help With Hard Money Process

[Kyle Houlahan]

I have a family friend who is willing to provide me with a hard money loan to finance my next fix and flip property. We have verbally agreed on the terms of the loan, but neither of us are sure of how to begin the process.

I have found a property, but in order to make an offer on the property I will need to show proof of funds. Is this as simple as providing a bank statement from the hard money lender?

Once an offer is accepted, do I just need to work with a title company and have the lender wire the funds to be held in escrow until close? I assume at the time of closing the escrow funds would be disbursed to the seller and the mortgage would be recorded in the lenders name. Will the title company take care of the Promissory note as well?

Trying to get a better understanding as to what exactly is required in this process. Both the lender and I are eager to move forward, but could use some guidance from someone with experience.