Financing calculation confusion for the BRRRR strategy.

[Raden Mantuano]

So lately i've been on a blitz on cold calling home owners in different states and have had several opportunities to submit LOI's, analyze and crunch numbers. Felt so busy the last few weeks doing so, as i've been back and fourth on here as you maybe have seen. I'm having a tough time calculating and projecting pro-forma on a Triplex opportunity shared by a local wholesaler... am i suppose to calculate those numbers based on a conventional loan or hard money terms?? and also, can someone clarify as to how hard money is calculated using the BRRRR, as we are looking to do it with this deal, using that strategy.

Details......

ARV: $132k

EMD: $5k Towards Purchase

Rehab: $15k

Purchase Price: $79k

Hard Money Terms.. 

Interest: 9%

Points: 4% = $3760 (I think is HIGH)

Loan Terms: 75% LTV

 Closing Costs: $1797

Total All in Cost: $99,557

Here's whats confusing me on the HML part.... since we are trying to leverage most of the money used on this deal, meaning EMD, Purchase, Rehab and maybe closing cost leveraged by HML, Does this mean at a 75% LTV.. the highest leverage we can obtain on this deal is 132K x 75% = $99k??? I'm calculating 75% of the ARV (Correct me if im wrong) Meaning our purchase price $79k plus the rehab bid $15k = $94k is pretty much covered by the hard money lender?, and the only out of pocket cost for us would be any difference outside of that total cost (Points, fees, closing costs and etc)? 

However, Every time I use a HML calculator online, I'm getting different numbers everywhere, one calculator shows, all we need to come up with is $6k for closing costs, the other says, we need about $25k to close this deal, i've also asked another lender and they mentioned that it'll take about 15% of the ARV to close this out of pocket......So i'm confused as to what a rule of thumb is on this, so i'm calculating our strategy right.. and also, because using hard money can be HARD as far as terms goes, do you apply the high interest only payment as a holding cost for the time being and not for the pro forma analysis?

Thanks in advance everyone