first time flip- what can I expect with hard money lending?

[Matt Radhe]

Hey everybody, I'm fairly new to BP and am interested in eventually starting my first flip and sell in the Baltimore area. My cash reserves are somewhat low and so I would like to learn more about the up and downsides of using private lenders and hard money lenders. Aside from having to put 10-20% down to secure the loan, what can I expect to encounter when dealing with hard money lenders in terms of interest rates, points, getting the funds from them to pay contractors/buy supplies, etc. Any advice as to how the hard money side of the business works would be greatly appreciated.

Also if anyone has worked with quality lenders in the Baltimore area I would certainly appreciate referrals. Thanks!

Matt