Hard Money Loan Offer

[Gary Cooper]

Hello all! I'm a novice, so forgive me if I sound naïve. My property (owned free and clear of any mortgage) is appraised at 100k. A lender has offered me this to refurb the house: Loan $30k Rate 16% Points 5 Amortization/ Term 10 years Escrow Taxes/insurance/repairs Pre-payment Penalty None My question is, is this a good/fair deal? My plan is to either sell the property for top dollar, or rent it for a very nice ROI. As always, your thoughts are appreciated.