Golf and Carl, Whether Jerry is a lender or merely someone that works closely with folks that put money out there is immaterial. If a lender is charging 9% (or .75% per month), he is likely up charging the points to get to his desired APR.

Also applies to the area and the type of Real Estate. The rate and LTV for a Brooklyn NY project will be altogether different than a strip mall in Osh Kosh Wisconsin near Bob's Big Boy Restaurant.