Private Lending Terms

[Kimberly A Hall]

While I am not new to real estate, I work in conservation in same-as-cash only (Day-job). I watch brokers make thousands of dollars on the multi million $$ deals that I work, while I earn a meager wage... comparatively speaking. I have extensive knowledge in sales, research, negotiation, identifying a good deal, title and closing matters; but have no experience with private lending in the residential arena. I have made an offer on a property in the last 24 hrs, with a 15 day inspection, 20day closing; (you know jump off the cliff, and make a deal before the end of the year) managed to secure both hard money and a private lender. I have been asked to state my desired terms. I have excellent credit and low debt. I have no idea what good/fair private lending terms I should request. It’s a 70k fixer-upper bungalow on a quaint lake that would make a nice VBRO in a small rural town. VBRO activity has been verified successful in the immediate area. Post renovation value estimate 90-110.  I have at least 20% cash. I am lining up conventional funding and would like to have it fixed up and running in no more than 3 months. I’d like to cash-out refi to conventional with 6 months and pay off the private lender and hard money lenders. What various options are reasonable to request?

Thanks Kim