Hard Money Lending - My first time and I need help!
I'm going to be hard lending money for the first time and I need some pointers. I've inspected the property with the lendee and I'm comfortable lending her 80% of the value. She's buying the property for 125k and I'm lending her 100K. She hasn't given me an appraisal or inspection. She is going to be flipping the property and expects to repay me within 6 months. Here are my main questions:
-Should I be getting an inspection report and/or an appraisal from her?
-What type of contract should I use to write up the terms?
-What type of background info should I be getting from her (if any) ?
-What type of interest/points are standard for this type of deal?
I'm probably leaving out a handful of pertinent questions. Any additionally information would be great. Thanks in advance!