Hard Money Lending Do's and Dont's

[Jerry Camboim]

I have not borrowed hard money yet for my deals I usually use conventional loans from large banks, however I would like to fund my next flip with private money since cash buyers in my area have the upper hand and scoop up all the good deals (cash buyers in my area always get the deals even if their offer is a bit lower than mine) . 

1) What should I expect in terms of rate and fees when borrowing private money for a short term loan (6 months term) ? 

2) Any tips on how to find a local private money lender and how to screen them? 

[Jay Hinrichs]

2 to 5 points  10 to 15% interest...

anything lower many times will be a pump and dump due diligence schemer out to take your little up front dollars.