Should I take the private money lending for this deal?

[Erin Bryant]

Hello,

I am fairly new to real estate investing and this would be my first deal using private money lending.  Here are the details of the deal:

Purchase price: 262,000

rehab: 7500

ARV: 340,000

I have a private lender willing to put up 300,000 for 1 year at 6%, which is an awesome deal from all  i have researched and found.  The $300,000 number was calculated from closing costs, rehab, and 6 months holding to be safe.  With that said after I calculate the profit from the sale of the home after commissions and closing costs, it just does not add up.  I feel I must be doing something wrong as there is a fairly decent spread.  

My biggest question here is... Should I not overestimate so much when calculating the amount of the loan? Should I be more accurate when working with private money? I've run the numbers so many times I feel that I am overthinking something and not realizing the obvious.

Any help would be greatly appreciated.

Thanks in advance!