Permits are not expensive, getting the drawings and engineering are where the money goes.

When you are putting less than 20% down you have to escrow your taxes and insurance into the loan & payment.

Your website says you’re a hard money lender.

Experienced rehabber (40-50 deals/year) looking to shop some more hard money lenders.

If you are looking to make some money and have a place to use 4-5 times a year, then from that aspect it's a great investment but solely looking at numbers I could find others that perform much better.  

@Don Blake, unfortunately you cannot assume what he or she said was true with regard to the deposit money.

I'm not sure if it makes taxes more complicated or different either.

The number one reason rehabs fail is the owner advances too much money to the contractor who uses the money to complete other projects or, go on vacation. 

Beside the “subject to” that’s recently become the subject of much debate we utilized  ”no interest short term owner financing”, the “2nd mortgage crank”, substitution of collateral, mortgage subordination, wrap loans, real estate “exchange” (not for tax reasons), sale - lease back, guaranteed rent payments, sale - buy back, land offered in lieu of down payment, zero coupon bonds as substitution of collateral, and a few others that escape my memory.  

do You need money asap?