Hard Money Loan....Advice?

[Lazaro La Rosa]

Good morning BP!

I am new to REI and am working on landing my first deal. Hard money is the only way for me to go unless i find someone who is willing to seller finance.

I found a Hard money lender who structured a deal which to my newbie ears seems good, but again I am new to this. 

I have no cash reserves and a FICO of 592 

 I own a property outright with a value of $125,000

He will give me a 60k hard money loan on the house to use as a down payment and cash reserves for another hard money loan on the investment property. 

the rate on the first loan is 10-12% with 3-6 points

the rate on the second loan is 9-12% with 2-4 points 

What do you all think?