Construction loan terms

[Bill E.]

Hello BP, I have a couple questions regarding construction loans. First off,I am looking to implement the brrrr strategy to grow my portfolio. Are construction loans the same as hard money loans? Are construction loans a good financing option for the brrrr strategy? Here are the terms for the loan that I was quoted, 90% loan to cost for purchase and rehab, 13 month term with 12% interest only payments and 3 to 4 points. My goal would be to refinance into a 30 year mortgage after the 6 month seasoning period. Are these typical terms? Should I keep shopping around?