First Hard Money Deal

[Jeremy Hysell]

I am buying from a whole-seller for the first time and I need to pay with cash. as closing must be within 14 business days.  I have only used conventional loans in the past.  My thought is to use Hard money to meet my immediate closing date and then refinance with a conventional mortgage within 30-90 days after closing.  

What do I need to know about Hard Money lending and what are typical terms?  If there is a pinned post for this info... please point me there.

Details:  

$75K purchase price

~$5K closing costs

$6K Repairs needed

$115K ARV

Intend to keep for long term rental

Thanks,

Jeremy