Hi everyone,  I'm trying to evaluating my first flip, but I'm getting confused trying to figure out what my monthly holding costs would be with a hard money loan.  Here are the details:  Cost of house is $450K, needs $150K in renovations.  Closing costs 10K.  Hard money lender will give us only 60%, at 12%.  For a hard money loan does that mean I need to calculate the interest only on the mortgage ($242,000 since we'd put $178,000 down)?  What am I missing?

Thanks!