Supplying a bridge loan?

[Joshua Brice]

I am new to real estate and to the forums and subsequently I have a lot of questions. To start I have been planning my first purchase for the past couple of months and have cash to start. I have been looking but haven't found the property yet to purchase... I have been looking in a few different areas including St. Louis, Akron, Detroit, among others.

I have a friend in St. Louis that works in real estate and he has been helping me look for places. He brought an opportunity to me that I am interested in but wanted to get some opinions and guidance. The opportunity is to be a private lender for someone as they purchase a property. It will be a bridge loan only likely for 2-4 weeks. The title company will be writing up a contract. The person actually purchasing the home is pre-qualified for the loan on the house that will be a rental but she has renters lined up that need to move in right away and the title company is requiring a 30 day escrow... hence the need for a bridge loan.

So my questions

What all should I be looking for on this bridge loan and paperwork?

They are offering to pay $1,000 a week for the loan of $115,000. Is this a normal amount? Should it be more or less?

Any other guidance or direction would be much appreciated on this. Thank you all!