Private Realestate Investor?

[Sam Smith]

I had a meeting with a Private Real Estate Investor today. He stated his company do not lend money to purchase properties, but instead owns 30 to 40 properties 1 to 4 units. I would choose a property that best meets my qualifications in return make monthly PITI payments. After a year so I would find a Bank or Credit union to refinance the property. The one thing that made me nervous he stated the property wouldn't be in my name until after I refinanced. Is this normal business practice when dealing with a Private money lender?