Is 2% monthly or 24% annual return to good for hard money lending?

[Jeb Brilliant]

So I was introduced to a guy offering 2% monthly return or 24% annually for a hard money loan. Is this to good to be true?

This guy comes with good recommendations and isn't a slick talker. My BS radar didn't go off when I spoke to him. 

I just don't know if that's a standard, good, great or to good to be true return for a hard money loan. 

If it makes any difference this is in Kansas City. 

Any thoughts? 

[Mike D'Arrigo]

That's not the norm. That's plenty of lenders lending at half that rate or less, so the question I have is why is he willing to pay twice the market rate? What kind of experience and background does he have? If he has no experience then he may have to pay a high rate. If that's the case, do you want to lend to someone who has no track record? Ask him to show you HUD's of 6 deals he's completed.