First time approached as a hard money lender - Washington state

[Robert Trazo]

Good afternoon all, I got approached for the first time to be a hard money lender on a deal in the state of Washington. I've never done this, before. I would appreciate any advice you may have on making this happen while protecting my money.  Basically, the investor is purchasing the property for a $1.2mil and essentially wholetailing it after a month or two.  The investor already has a buyer under contract.  It'd be a double closing and I'd get a fee for the use of my money for a couple of months.  I am a complete beginner regarding hard money lending and 'd like to protect my money from loss.  Any and all advice would be appreciated.  Thank you, Rob

[Jacquelyn West]

Also make sure the borrower is insured himself and you being put on the policy as an interested party (if I’m stating that right) in case something unforeseen happens to the borrower, you would receive a check from the insured’s insurance company