Sherman Bridge rate too good to be true?

[Stan Tallman]

Hey BP! I have been working with New Western here in Dallas and they have connected me with their sister company hard money lender Sherman Bridge. They are offering me a 7.75% 1.75 origination points for 75% arv on a flip deal. I have never heard of such a good rate...12%/2pts seems to be going rate lately...seems too good to be true. SB agent has only been at BP for 9 months. Also, they charge a $1100 processing fee. Any thoughts?