Quick Private Lending questions

[Gene Belaval]

Been reading up for the last 6 months or so and I want to get started!! Looking to rehab properties in Miami, Fl.

Just have to clear something up. What are the typical payment terms on a private loan. I have someone who is willing to invest, I just want to make sure I give him honest terms for his money.

10% to 12% is what we discussed. Projects could last 3 to 6 months if all goes well.

Do I pay him at the exit or monthly as well? If monthly how would it be calculated?

Should I have an attorney write up a note and lien on the property to protect him?

Should I offer him points for 100% loan?

Anything else that I may have missed?

Thanks!