Question on hard money lending in NYC

[Jesse Maldonado]

Hello BP community,

   I am saving up for my first buy and hold property and I am trying to buy it in New York City(Specifically The Bronx and Queens) where I live. I am practicing analyzing deals using different investment strategies-one of them being using hard money lending if I can find a good enough deal. I was wondering if anyone knows the standard numbers when it comes to points charged(1-5%) and monthly interest only charges(10-15%) with hard money lending in NYC. Are the rates higher because its NYC and houses are more expensive? How are NYC rates compared to other markets? Or is everything negotiable and/or depends on the deal?

Thanks for any feedback, Jesse