Hard Money - what to look for?

[Ariela H.]

Hi BP community!  I'm seeing wild variations in terms for hard money loans - both bridge and long term.  For those of you who have done deals with hard money lenders, what do you look for?  Reasonable rates (around 7%) and fees (1-2 points) plus no prepayment penalties seems like a good start, but what else should I be looking for?  Any recommendations for a national lender?