First Deal Help - Private Money

I have found a bank owned property in need of repairs. Bank reduced price to $50,000. ARV will be $85,000. I estimate repairs at less than $10,000. This house will not qualify for a conventional loan due to peeling paint, deteriorated wood, broken window panes, etc. I have identified a possibly source for private money. I need help with how to approach this person and what kind of terms would be offered. I want to borrow enough funds to cover purchase price and closing cost. I will use my own funds to complete repairs. Expect to complete repairs in 30 days and hope to sale within 120 days. Since I am currently renting, my exit strategy would be to get conventional financing if home does not sale and move in. Any help would be appreciatted.
What should I expect to pay in interest and points for this type investment? If home sales in 120 days, what would my cost be for the financing.

Just wondering, where does the $85K ARV come from?

I have a realtor friend who gave me the prices houses sold for in the area. She also estimated the arv for me. Low of $85 and high of $90.
I was hoping to get responses to help me with negotiating with a private money lender. I am confident with the arv and the estimated rehab cost.
Any help would be appreciatted.

OK, thanks. There really isn’t any money in that deal at all unless you were using your own cash.
There is not much in the way of “negotiating with a hard money lender”, it’s more of accepting their terms.
Here’s how our lender would look at that deal
ARV 85,000
Max loan 59,500 (70% LTV)(which is the highest you are going to find) (A)
Closing 1,785.00
Repairs 10,000.00
Monthly payment reserve 2,975.00
Loan Points 4,760.00
Insurance 800.00

Total Costs 20,320 (B)
(A) - (B) = 39,180 (your best possible offer)

-/+ diff <10,820> That’s what you’d have to bring to the deal

10,820 Your money in the deal (which you shouldn’t do)
59,500 Loan amount
70,320 Total into deal
85,000 Sell price (assuming you get the full 85K)

GROSS profit (after your down money) = $3860.00 = Not A Deal!

If you wanted to use hard money on this deal you would need to A) buy if for no more than 40K or B) Use cash

Whatever the ARV is, we NEVER pay more than 50% of that (normally 45%)
and if the deal doesn’t fit… it’s time to walk and find the next one.