Hard Money loan amount

[Dale Nesmith]

I have several rentals now, but they were all turnkey and now I want to work to really building my portfolio. I inherited a property that I own free and clear with no mortgage. I have done about 70% of the demo inside. It had old plaster walls and really needs everything updated. I want to use a Hard Money Loan to get the repair work done. It was a frame house and has some bad exterior wood and needs siding and gutters. It needs at least part of the metal roof replaced and electric upgrades inside and all new drywall thruout. It is In a nice area and I want to fix it nice to make highest rent possible. So, gonna do granite counters in kitchen and tile on bathroom wall,etc. How do I know how much of a loan to request? If I get more than I need can I use that money on repairs on my other rentals? I’m sure I could always borrow as much as they’d allow and then just use what I need and keep unused amount and return it. But, I’d be paying interest on money I’m not using. How does Hard Money loans work?