Terms of private / hard money lenders

[Diana Borova]

Hi everyone!

This is my first post. I am getting started in the game of flipping as well as buy and hold properties and wanted a better understanding of how private/ hard money lenders work.

When paying back the loan... does it start right away? How long does an individual have to repay? What do monthly payments look like?

I do understand that they are generally a higher interest rate and short term.

Thank you everyone !!!!