Dealing with Hard Money and Partnering with Experienced Flippers

[Linda Govan]

Hello BP Community,

I am in the Chicagoland Market and I am really trying to find a private lender to work with on some flip deals.  I have been propositioned a few times with some new ways of getting started.  I just wanted some others opinions on these partnership offers I have come across.  *Credit Partners in which I will become a credit partner on some flips to build up my name to a lender and receive a small portion of the proceeds.  Loan origination fees 15% points on the loan 3% 4-6 month duration and to cover rehab cost taking out lines of credit.  I wanted to know how common is these credit partner contracts in real strategies to flip real estate?  It seems like this is could potentially be an excessive debt to take on all of one 15% loan origination fees?  Is that a fair interest rate for hard money?  Any feedback is appreciated from investors who have knowledge of dealing with hard money lenders for the first time or actual hard money lenders themselves.  Thanks BP