Hard money lending drawbacks from lenders perspective

[Andrew Hooyman]

Hard money lending seems to be popular in my area and every lender that does it just raves about it. I would like to know what the drawbacks are and things to look out for from the lenders perspective? Aside from having trust and knowledge of the house flipper, being in first lien position, making sure you know the market/ARV of the property, and using a qualified attorney, what are some of the numerous other things to look out for? Would love to hear any and all stories/experiences good or bad from hard money lenders that lend money to house flippers?