Hard money lender question

[Victor Paez]

Hey gang

Newbie question. I’ve read all these stories of everybody who started where they’ve had to go through obstacles personally, bad credit, 0 money, etc.

I know you can get creative but first have to go through your first line of support which is family or friends, then hard money lenders.

My question is, if a hard money lender agrees to fund your day with an agreed upon conditions, so do these lenders typically ask for a monthly payment or do they just require the loan amount plus their fees at the said end date which from what I gather is 12mos? I ask because, I’m having a hard time understanding how to structure payment vs asking rental amount vs market

Second question, scenarios with newbies with troubled credit who happened to acquire a property through a hard money lender, how does their credit impact their refinance chances when the property stabilizes after a year of ownership? Refinancing so you can pay off hard money loan

Thank you all for your time and stay Blessed