HML Example

[Jarred S.]

I am having trouble understanding a hard money lending example. Everyone I have talked to has recommended it and I have never used this before.

Can someone help explain the basics of how to get to a monthly payment for the following circumstances:

APR Value $115,000
MAX LOAN: 65%
RATE: 15% + 1 POINT
MINIMUM TERM: 6 MONTHS
MAXIMUM TERM: 12 MONTHS
LOAN TYPE: INTEREST ONLY

Any feedback would be greatly appreciated.

Thanks,
Jarred