Hard Money Lender-How they operate?

[Rigo V.]

I had a few questions on HML-

1) Knowing I will most likely be buying a foreclosure that requires cash to purchase- Am I right in thinking I should qualify/Pre-approve with a HML first before finding a property? Or is it the other way around?

2) Lets say the property is 50K and they rehab is 50K. What are the typical terms? I know these vary and know I will need to bring money to the table just not sure how much