How is private money lending calculated ?

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Hi There, I have been a contractor for over 30 years but I am still fairly new to flipping houses. I have a private lender that is willing to lend me 200 K. We haven’t figured out the details yet and I’m wondering how exactly the percentage structure would work.

Here's what I pay: 

2 points/ 12%. interest only. All payments and points paid back with principal.

6 month term. additional 6 months granted for additional two points payable upfront. 

90 day minimum interest. Depending on your state laws you can call this a prepayment penalty. 

So if I borrow $100,000 for the full 180 day (6 month) term, my payoff would be $100,000 + $2000 (2 points) +$6000 (interest). Your interest calculation is rate/360*days*principal. 

Like I said, this is what I pay, but follows the same formula as most.