Hard Money Numbers for first BRRRR

[Tyler Henry]

Hey all,

Looking to buy a small sfh 2/2 listed for $38k. Just got some numbers back from a hard money lender:

"I can lend you 90% of purchase 90% repairs, not to exceed 65% ARV

12% interest only

no points on loans under 100k

$3000 origination paid at closing

$995 underwriting

close in 7-10 days"

Seems reasonable since I'm newer to the game? Planning to BRRRR. Rehab is probably around $20k, ARV is around $90-$100 easy based on comps. Only one house in the area has sold for under $100k and it was much older, one less bath, and super outdated.

Thanks!

-Tyler