Closing Cost for Hard Money Loan

[David H.]

Hello BP 

My name is David I am a new investor and currently in the market looking for my second deal. First deal was a two family house hack using FHA. This deal we are looking for a distressed property and plan to use hard money for purchase and rehab. I know lenders usually want 10% of purchase price but does that include the closing cost or is it separate? We prefer small multi-family and use BRRRR strategy but we will do a fix and flip if the numbers make sense. Does it matter to hard money lenders if we buy/hold or fix/flip? Or do they just care about 65% ARV to fund the deal?