Hello to Everyone reading this post, my question is concerning hard money loans and terms. I have heard that sometimes a hard money lender will require an investor to pay in conjuction to down payment and closing costs (loan origination fees/hazard insurance/title insurance/appraisal fees etc), to receive a 5-7 month payment up front on a hard money loan. I will like to understand the benefits and detriments of a hard money lender requiring a mandatory 5-7 month payment. One potential detriment of the hard money lender requiring a mandatory 5, 6 or 7 month payment is that if the investor completes the rehab in 3-4 months, he will not be able to refinance because he is locked into the 5, 6, or 7 month terms the hard money lender has set. If my idea is wrong, I will appreciate if any hard money lenders or investors can correct me. Thanks.