Hard Money loans at 12%

I spoke to a rep at 221 Home Loans dot com today. This says that 15% is customary for hard money. I think this is really high.

Is there anyone who with a name of a hard money lender cheaper than this?

Title says 12%, you’re saying 15%…which one were you quoted?

An interest rate of 12% or 15% for a HML isn’t your biggest problem. You should only hold the HML until the rehabbing is complete. Then immediately refy the HML out. 2-3% shouldn’t make or break you. Getting the loan through at 100%, and finding a property that has a 65% ARV is the part to be worried about.

Your biggest problems are:
-Getting a loan through.
-Getting a property that has an ARV of 65% or less.
-Keeping the rehab expenses as low as possible.
-Dealing with contractors.
-Refinancing afterwords.