Hard money questions

[Jamie Dzierwa]

Hello all,

I am looking into different hard money lenders for possibly funding a home that I plan on fixing and selling right away. A little details about the property we have it under contract for 90k and it needs about 15k in repairs. The house will likely sell on the lower end of the comps at around 165-170k. There is good resell in that particular neighborhood some around a month, others around 3-4 months. I have heard good and bad about hard money, and this being our first potential property I just want to make sure I am going about this the right way, and we don't loose money instead of make. We're hoping to get around 115k from the hard money lender factoring in holding costs, insurance, taxes for that short amount of time. The lender that we applyed for said they couldn't tell us what the percentage would be till after they processed the paper work. She said it could range anywhere from 12-20%. Also, I have read that some hard money lenders give 6 months interest only payments, no payments for 3 months, etc.
If anyone who is familiar with hard money could shine in and give me some information positive/negatives and if I am going about this the right or wrong way or is it too risky going into the winter months with longer holding time, etc, etc. Thanks alot.

Jamie