I have used private money, bank money, and hard money to finance my fix and flips. Each loan has its pros and cons as well as different costs. You also need different levels of experience to get each type of loan. I wrote some articles on the subject as well which you can see below:
The rates and terms will vary greatly with each lender as well. Some hard money lenders may charge 16 percent interest while others could charge 8 percent. Some banks may charge more than other banks. In this video, I show the different costs I pay with my lender and the amount of cash I bring to the deal with each scenario.
Private money lenders can also vary greatly with their terms and conditions as well. I could pay from 6 to 12 percent for different lenders and different terms. I could put 10 percent down or even get money back at closing with some of my lenders.
I go over all of this and what my favorite options are for financing my house flips.