Hard Money Lender Contracts

[Kelsie Flynn]

Hey, 

We recently purchased a 4-plex on a commercial mixed use lot. The lot is a great size and we are interested in building another 4-8 plex. Our lender told us that we would need 25% down for a new construction build. Approximating a downpayment of 100K we are looking for hard money lenders. We have a lead on some however we have never used any private money (outside our own) and are not sure what the contracts should look like. Does anyone have information surrounding this? What is the normal payoff period? What percent interest? Are they a limited partner? Help!

Thanks in advance,

Kelsie