Using Private Lender for the long run !

[Felix Rivera]

I found a home in my area. Beginning of a short sale. She owes the bank $121k. ARV $220-240k. Its not listed yet but the realtor called me and told me about the deal. She said if i would buy this house that she would owner finance. My question is, my credit isnt great. I contacted a Private Lender. They charge 3 points and 11%. Is that too high to have a loan for the long run or can you refi after a couple of yrs ? I dont know if i should put it under contract and wholesale it out, Rehab would need like a new kitchen and cosmetic things in the house,nothing major. Any advice plz, Thnx.