Is there a difference? If so what is the main difference between the two.
The difference is a HML has set fees and terms, requirements, etc.
If you are getting money from a private lender chances are the terms and rates are more negotiable. Ideally you are “offering” the terms and rate and they are agreeing.
Private Lenders tend to be a lot more flexible than HML. As stated above, you basically make them an offer and they accept or not. Although every transaction has some amount of negotiation built into it, there tends to be way more negotiation available with private lenders than with Hard Money Lenders.