Private money/hard money loan

[Sara Enyart]

We have decided to use a private money/hard money loan for our next (2nd) flip. How does this work? Do we apply for the loan and then find a property? Or do we find a property and make an offer contingent on approval for the loan? The house we are currently considering making an offer on is “cash only.” So, if we have a contingency of loan approval, they might decline our offer. Do we just explain that it’s a private money loan which does not require an inspection? Thank you for your advice and words of wisdom!