this is what a hard lender told me today

[Gino Cook]

talked to a hard lender today this is what I was told , hows it look ? ''So on a $25,000 loan, you would be looking at approximately 3 points / 10.5% interest You'd pay one point (1%) when you sign the loan closing information sheet ($250), and at closing, you would pay the remainder of the 2 points, 2% of $25,000 = $500.
The 10.5% interest is for the year, so you'd have monthly interest-only payments of $218.75. At the end of the loan, it just gets paid off when you either refinance or sell.