Hard Money Deal Analysis - HML Proposal Question

[Casey O.]

After going through a highest and best, I got this deal & purchased this for $32,500 cash, and closed 2 weeks ago. It needs serious work - a complete interior gut rehab basically down to the studs, and exterior completely redone, as well as building an addition to get it from a 2/1.5 1,180 sq. ft to a 3/2 1,404 sq. ft. to maximize the location. The current layout is not good, and the addition is necessary. It is in a gentrifying area and sits on a triple, corner lot which will add value. I am around $95K on my rehab estimate. Comps put it around $185K ARV.

$185K * .70 = $129,500
$129,500 - $32,500 = $97,000 rehab money

I have yet to do a HML deal, but last week I had a local hard money lender come out to the property and they do want to lend on it. I've talked to small local banks and other HML, but they are not comfortable lending on a property where the rehab is 3x the purchase price regardless of the comps (neither was this HML, but after seeing it & the comps, they are willing to do it).

Per the HML, they are at 4.9 points & 15% interest, and I will need 10K to close - I'm assuming this will be some how adjusted since I currently own the property outright? They will loan 70% ARV, so a loan of $129,500.  The HML also does not include any carrying costs on their estimation, or they do not clearly detail any seller concessions.

I'm trying to understand what exactly the numbers are implying, and what the net margin is indicating. The 10K to close is throwing me off, because they say "cash to close". Does that then decrease the 129.5K to 119.5K? Or is it an additional 10K on top of 129.5K? I'd like to think I am fairly intelligent with real estate financing, but for some reason I am not seeing it. 

What would be the total amount of gross capital returned to me? 

See below for HML proposal.

Thanks in advance for any comments.

Casey