You can double check the info by calling the lender/servicer

This, and how flexible you want to be will affect what lenders you approach and who will lend on your deal. 

Lenders will typically add back depreciation, one-off large expenses, etc. 

The borrower isn’t assuming the note - that requires lender approval - he’s purchasing the property subject to the note3.

When using a standard LLC, the process is generally straightforward for lenders.

First, you can't group all hard money lenders together just as you cant group all banks together.  

Local lender is stating that I am still the personal guarantor for the LLC .

Most lenders like that especially a credit union does not.

But the right lender can help you unlock financing that traditional banks simply won’t touch—often with better terms, lower down payments, and more flexibility than conventional options.SBA Loans for Real Estate: 7(a) vs. 504—Which One is Right?

Yuck.If you do the math, a typical private/hard money lender will end up with about 25 to 33% of the profit on a flip.