Private money lending

[Mabel Ileogben]

Hello all.

I am trying to embank on a joint venture rehab project and contacted a private money lender who want to charge me 1% interest for 6 months on $50,000 loan. 

1% interest =$500*6=$3000 plus additional $5000 =$8000 for the 6 months duration with no extra charge at the end.

I am new to this and i need all the advice to whether if this is a good deal or not. Also, what do you advice that i ask for % wise? Thank you and God bless.