hard money loan 12% interest

[Account Closed]

hello BP,

 on a hard money loan, if the interest is 12%, is that monthly or loan life?  I'm a newbie so I apologize now but this would help me a lot.   ex. on 100k, can it really be 12k a month?  or 12k for the overall loan?  can anyone clarify this quickly?  Thanks guys!

[Chris Z.]

12% per year, so $12k per year or $1k per month