How does re-payment work on HMLs?

[Zach Bechard]

Hi BP Community!
As a newbie and future flipper, I have been researching and reading up on Hard Money Loans. The piece that I am missing is the process of how the payments work.

If I borrow $100,000 from a Hard Money Lender, at say 12%, and use the property as collateral. How does the re-payment work?

Do I then start from month 1 with interest only payments?
Are there monthly payments and interest from month 1?
Or do I pay back the entirety of the loan with the 12% interest when I sell the property?

Can you guys give me some insight on the standard procedures when using HML?

Thanks!