Private Loan, Note Purchase

[David C.]

I'm considering lending money to a house flipper. Because I'd like to avoid any issues surrounding loan origination regulations (usury, disclosures, licensing, etc.), I'm considering having him personally create a note and mortgage from his LLC, that owns the property, to him personally, then I buy the note from him, at a discount perhaps. So basically I buy a note vs originating a loan. Do you see any issues with this?