What are the out of pocket costs with a short term hard money loan ?

[Westin Hudnall]

Hypothetically if I needed $120k for 1 month and borrowed at 10% 

Would my out of pocket be $12000/yr or $1000 for 1 month ? Are there any other fees?

Thanks in advance for the advice

[Tiger M.]

@Westin Hudnall Expect Points to be the burn. 3-8% depending on your market. Just tell the lender what you want to do and negotiate the expected fees they need to do the deal work. Make sure they don't stick you with big points and a pre-payment penalty on top though unless its figured in your budget. Sometimes it makes sense to ask them to lower up front and take a prepayment upon exit when you have more cash because of sale proceeds

Peace.