Hard Money Lenders - What information do you need?

[Thadeous Larkin]

I'm looking for information from hard money lenders and folks who have used hard money lenders before:

What, exactly, is the process for securing a hard money loan for a fix-and-flip?  Are hard money lenders looking at the specific property (that is not yet under contract) before deciding whether or not to loan?  Does the property have to be under contract first?  Are you only talking about hypothetical numbers with the property?

Basically - do you have to have the property in hand first, or will hard money lenders make the loan contingent upon the property going under contract?  

If the former, how do you even do that?

I'm getting a little wrapped around the axle on this one, and anyone who can help me out will be richly rewarded with my eternal gratitude.  Thanks in advance!