Is this a good deal?

[Brant Hampton]

I am interested in putting in an offer on a foreclosure. The Single Family Home is a 4 Bed / 2 Bath, and is listed at $48k. It needs $30k in repairs, and the ARV is $140k.

I have contacted a private investor that is willing to provide 90% of the purchase price. He requires a 6% loan fee (half on the front-end, half on the back-end) and 1.5% interest only each month. The loan is for 6 months but is renewable if necessary.

Would you accept this offer or contact a hard money lender?

Thanks