How do do Hard Money Loans get paid off?

[Emery Taber]

-You pay off the interest from the loan monthly and then have a balloon payment with the amount the load was given.

Example: I get a 100k 18 Month loan at a 15% interest rate (115k total 100k loan 15k intrest). So I pay $833.33 a month (15k/18mon) and 100k at 18 months?  

Bonus Question: I always hear that the normal seasoning period for a Re-Finance is 12 months and I also hear that most Hard Money Loads are for 12 months. Doesn't that guarantee that you will be late on paying off the loan because you wont get the Re-Fi until after the loan is due?