Pay a hard money loan

[Tim Matthews]

Hello, all.

I have been pondering many ways on funding a purchase when I get ready to begin buying rental properties next year in the Chicago area. One thing I can't seem to find an answer for (because it may depend on the lender) is how payments work on a hard money loan. As the borrower, what I mainly want to know is if I have to make monthly payments on the loan. How does repayment work on the loan?