First Rehab?

[Mark Cruse]

I'm trying to close on my first rehab using hard money. The lender will give up 60% to someone on the first deal. The loan will be approximately 95k but he states that I need to come up with 35k. I didn't understand this number since the 95k would be around that 60 percentile. He explained that I will pay no payments during the six months but he collects his interest, insurance, and taxes on the property for one year up front. The interest rate will be between 12-15%. I've never worked with hard money and wanted to know if this is common. Thanks