Hard Money

[David Vincent]

I need help. I have a deal under agreement for 140,000, renovations is 53,000 and the ARV is between 280k to 305k. Can someone help me understand what this lender is offering? What 11% mean?

$170,000 loan amount

$125,000 at closing(less interest reserve and closing costs) – balance as work is complete.

11% + 3 points (I may be able to get him to 2%)

Broker fee $3,500

Thank you