Please help explaining Hard money lender terms

[Robert Rodriguez]

Hello I am very new to investing and trying to become familiar with certain terminology. I am not looking to make any moves right now but would like to have this info explained so i will know in the future.

This info was provided in a forum by a hard money lender can someone please explain this in terms I can understand. All the real estate talk and the abbreviations are new to me:

We lend on residential (NOO) and commercial property throughout DC, MD and VA
Rates from 12-16% with 3-6 Points
Closing in as little as 4 business days
We will fund 100% of purchase price and 100% of rehab costs (within 65% ARV)
Underwrite is primarily based on the asset not the borrower
We are upfront with all costs.

Tax Service Fee$150
Flood Certification $50
First deal $1,000 funding fee ( amount is reduced on future deals)
No prepayment penalty ...

Not sure what NOO is? I am assuming 12-16% is the interest rate but not sure what the 3-6 Points is talking about. I know ARV is After Resale Value but i don't understand the within 65% ARV can someone give me an example using actual numbers.... maybe that will help me. Also not sure of what the Underwrite part is about. Last is the 1,000 funding fee, is that normal? is that high? This is the DC area.

Thanks for any help provided BP