Help me analyze this deal please!! Buy and hold investment

[Justin Goodin]

I have a 4 unit that I am interested in making an offer on. I am talking to 2 hard money lenders. With all of the fees and down payments they are requiring, why wouldn't I just go to a conventional mortgage lender. I have a lender that will roll the rehab cost of the property into the loan and require 20% down, not counting closing costs. I wouldn't have to worry about the cost of refinancing if I went with a conventional mortgage and it seems a lot easier/cheaper estimating a 6% interest. I am looking to renovate this property and hold it as a rental. 

All numbers are very conservative:

Purchase price: 140,000

rehab: 90,000

ARV: 275,000

Here is exactly what Do Hard Money is asking

Another lender is asking:

10.99% interest on loan amount(112,000) a month after closing (1026 a month)

20% down on purchase price (28,000)

10.99% on the rehab amount as soon as I withdraw the funds throughout the rehab

4 points on the total loan amount(8,080)