MATH TEST: Which hard money loan is cheapest???

[Andrew Bang]

Can you solve it?  Which hard money lender is cheapest for a flip? 

Scenario:  $150,000 total loan, 100k towards purchase price, 50k for rehab.   Flips the house in 120 days.  5 rehab draws, 1 every two weeks.  

Lender 1 : 12% simple interest.  1 point for loan origination.  no fee for processing, no rehab draw inspection fee.

Lender 2 : 10% simple interest. 2 points for loan origination. no fee for processing, no rehab draw inspection fee.

Lender 3: 8% dutch interest. 2 points for loan origination. $995 for processing, $150 per rehab draw inspection fee.

Constants:  no prepayment penalties, cash to close was the same for each lender. No appraisals, no credit checks.