Hard Money - is this a good deal
House is ARV is $140 to $150K
listed for $124,900
My bid will be $75k
Lets say I get it for $75k (yet to be determined)
Hard money deal for $80K
Interest only payments paid monthly
interest is 14 %
No points up front, his minimum points is $2,500 on the back
after 90 days there is a 28 per day fee on top of points. Max charge for points and per diem is $5,020.
8 month deal but he added that as long as interest is paid I can keep it on the market (will get in writting)
How does this sound for a newbies 1st deal with a lender?
What am I missing and what needs to be clarified with lender?