private money for flipping

[Alex Shaughnessy]

Hello BP. I am newer and had a question about obtaining private funding for flips. I know most people are getting 7-10% for private money but if a flip is only taking one month how is it paid out?

for example

100k at 7% would be 7000 per year but after 1 month it is 583. so do they get there money back plus 583 or are they getting 7% of there money no matter what. Sorry if this is a stupid question