Most of them are achieved through traditional lenders and institutions like banks, but some are accomplished through less traditional means.

. -- I've just discovered the Fannie Mae REO site and REVAMP, which I learned about here at BP.

I have a few private institutional lenders I can use that are lighter on the rates and terms, etc.

Prospective sellers may be drawn in by sending them personalized letters or postcards.Door Knocking: Go ahead and knock on doors in the communities where you hope to discover flipping houses.

I was hoping to hear some of the common lenders or institutions that my fellow canadians might commonly use for hard money loans.

As a broker, I'm always trying to find the best deal for the specific client and property.If you are looking for local private money lenders, your local real estate investment groups might have some leads for you as well.Most institutional private lenders are going to need an appraisal/valuation of the property, and permits to be issued for the construction of the building (if your area requires it). 

Think about the timing of this scenario (there are many): current guest checks out at 11 am and next guest is arriving in at 3 pm, the cleaning person who starts cleaning at 11 am discovers a broken kitchen faucet or a running toilet around 11:45 am.

When you say private lender, is this institutional capital or from an individual?

Inspections and due diligence are necessary and good, but the real scope of work is discovered after you start.

The ARV should be higher than what you have in it and that will be discovered by an Appraiser during the process.