Hard or private Money Valuations

[Eric Odum]

I am curious what tactics your hard or private money lender uses to arrive at a value in which they are willing to loan.  

Do they use a 3rd party appraiser?

Use 3rd party real estate agents for an opinion of value before repairs and after repairs?

Do they have internal staff to value?

and lastly, regarding repairs, I assume (please correct if different for you) the loaned funds designated for repairs are based on a draw system in which funds are dispersed based as certain tasks are completed.  Is this how it is handled in your experience?

Thank you in advance.