Fix & Flip - Seeking Advice & Direction

[Danny Ruiz]

Hello all!

Currently have a RF property under contract and in Escrow in San Bernardino, CA. 

ARV = $270,000

Purchase = $140,000

Rehab = $55,000

Currently recieving financing estimates from a couple of hard money lenders at the following terms:

Option 1:

Loan Amount:  $185,000 (One Year Balloon)

Interest Rate: 9.987%

Points: 2.50

Option 2:

Loan Amount: 90% LTV + Rehab = $182,000

Interest Rate: 7.99%

Points: 3.0

SEEKING Advice:  Do the above loan terms seem reasonable? Should I consult additional Hard Money or Private Money sources?  Would you consider this a good deal?  Any financial advice or direction would be greatly appreciated.