Hard Money Lending Question

[Jonathan Allen]

My wife and I want to flip a house. The realtors we used to purchase the house we are in now offered to help us do this flip (they are a couple actually, and they have a great network of good contractors and have done tons of flips successfully). They are suggesting a hard money loan because we only have $35k available, and we would be better off putting that towards renovations, and use the hard money loan just to finance the purchase of the house. I don't know much about hard money lending, but my wife seems convinced its a good idea. Am I about to get screwed here if I don't really know what we are getting into?  What is this balloon payment at the end?