Hard Money Loan Terms

[William Ware]

Good Morning
I'm curious on what would be your acceptable rates on a hard money loan? Would you also consider a private money loan the same type of loan? What are the rates that are currently being offered?
My cash offer was accepted on a 3/1 in SE Michigan and I was thinking about using a hard money lender to finance the deal. I currently have the cash but would like to remain liquid on this deal to further increase my portfolio. This would be a rental property with a monthly rent between $800-$900. Cash price is $25000 with an additional $2-4k in rehab.

[Jon Holdman]

Hard money's going to be in the 12-18% range with 3-5 points. Maybe lower down payments than banks. Private money is whatever you and the lender negotiate.