Is this common for hard money lenders?
So i have some one who i know is legitimate and just told me what he can offer me.
His offer is i pay 10% of property and he pays the other 90% with 9%-9.5% interest. And he also pays 100% of the rehab.
Im just wondering is this common or did i just get this lucky? I dont have the savings to use it yet but id like to know your thoughts on how good wod this offer be using the brrrr method or is this better for flipping?
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Jet Lending here in Houston did 70% of ARV for me last year on my first brrrr(and only second rental). House was 85k, repair estimate 10k, ARV estimate 140k. 3 points, 11.9% interest, and a few fees (1100ish). I think i paid a few hundred at closing. House appraised at 170k and I got a check after my ReFi!