Hard money loan for the first time - what were your terms?

[Jo W.]

Hello everyone.

I reached out to a hard money lender and the terms they are able to provide are 12% interest only payments for a year + 4 points.

I'm considered as "Newbie" for the lender as i never sold any of my properties (Just refinanced / took a HELOC).

I have an excellent credit score (Over 740), a house worth over 60K with no mortgage on it + access to 40k HELOC which i use as my emergency fund.

I was just wondering if those terms are too high or it's a part of "getting my feet wet" terms?