Tax implications for a private lender

[Eric Lunsford]

I apologize if this has been answered before. I did a brief search and didn't find anything that answered my question. 

I'm wondering how private lenders get taxed on their earned interest as they loan money to RE investors. My strategy for REI has been to build a portfolio directly purchasing and leasing real estate but at some point start to transition my funds into private lending others' opportunities and getting away from being the actual owner and manager of properties.

I know there are a lot of tax benefits and write offs associated with owning real estate that would be lost as a private lender, but can anyone tell me what to expect? If I lend money as a first lien holder and get interest payments only (no profit on the back end, etc.)? I also know this is dependent to the states as well, but generally speaking I'm curious on a federal level. 

Thanks in advance.