Hard Money Lenders - Draw
I am researching various HML's and learning that most will only pay on the repairs after they have been completed. This makes sense for any work that is being done by a contractor, but what if you are planning to do the work yourself? Are there any ways to at least get the materials paid for up front?
Also, will HML's typically require that you specifically use a licensed contractor, or can you use a handyman? I used several handymen on my only previous rehab project and I had to, of course, provide the money for the materials up front. Do licensed contractors work differently - in other words, will they cover the cost of the materials until the job is done?
Basically, trying to understand how to make make a hard money loan work work if you can't get the money until after the work is done. Please advise.
Thanks BP!!