To Lend or Not to Lend
I have been presented with the opportunity to Lend to an investor on a property she owns free and clear.
"I am looking for a short term 90 day or less loan secured by the property for rehab costs of $15,000 @ 20% flat fee interest on a property I own free and clear. My goal is to finish the work in 30 days or less and then list it and sell it. We will do a promissory note with personal guarantee and a mortgage note lien to secure the funds you the house.
Purchased $190k
Repairs $25k
(I’ve put $10k of my own money in repairs already)
Selling for $279k"
what do i need to consider? Any tips?