Need Help Understanding a Lenders Deal

[Jay Holder]

I am working with a lender on a property and they seem to be willing to work with me.  The one thing I need help with is understanding their term sheet the way it is written.  Based on the below, it looks like on this 43K plus 50K rehab for 93K and Interest of 4.59% that I am going to be responsible for 471.22 per month and the Closing Cost/Down payment of $4,710.  

They also have 3pts listed on there so I am confused on what that can mean additional to the monthly payment.  With this purchase if I never refinanced or sold then I would end up paying 169K by the end of the 30 years.  

If I took this deal and then rehabbed the property and then Sold at the conservative ARV of 140K, then would be able to pay the loan back at the 93K and make 47K before closing and commission, with a conservative estimate I could clear a 30K profit on this house if sold. The other option would be to cash out refinance the property and pay the loan off early and then rent out the property for cash flow. Then I would have money for the next property and could use this lender again.

Could anyone give me any insight on how this looks and if plan train of thought makes sense?

Loan Purpose: Buy and Hold

Purchase Price: $43,000.00

Rehab: $50,000.00

Loan Amount: $93,000.00

Monthly Payment: $471.22

Closing Cost: $4,710.00

Interest Rate: 4.59%

Points: 3pts

Lien Holder: 1st Lien

Loan Term: 360 Months

Closing Date: 1/13/2022

Payment Option: Principal and Interest Only Payment Option

No Pre Payment-Penalty

CALCULATION RESULTS
Loan Amount: $93,000.00
Interest rate: 4.59%
Loan Monthly Payments: $471.22
Prepayments: No Prepayment Penalty
Total Interest: $76,638.24
Total Payable: $169,638.24
Balloon Payment: No

[Erik Estrada]

4.59%?? I would caution this, unless its a loan from a relative or close colleague. 

Seems way too good to be true, especially on a small loan amount.