Private Money and Hard Money Lenders

[Yengkong Sayaovong]

I already have 2 homes. A single and a duplex. I bought the single home with a traditional mortgage at the time because I didn't know about PML and HML yet. The duplex I paid for in cash.

I'm looking to purchase another investment home now using PML. I'm wondering if I still need a down payment with PML and HML? Also is there a percentage I pay them from the deal regardless if it's a buy and hold or fix and flip? Or am I being charged interest on the loan?