How do hard money lenders work?

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I think I may know how hard mony lenders work but I need some clarirty . I have access to REO's with great investment potential. And instead of bird dogging these deals to other investors, I'd like keep these deals and maximize my profit. So I'm thinking of getting a hard money loan. But not to clear on how that works. Could some body explain it to me. and explain it to me as if the house is $200k
and the comps are $300 and up