Self Directed IRA investor swap

[Account Closed]

Would like the to understand if I can find a friend to invest in my company, while I invest in their company. Both of us using our self directed IRA. Loan amount of 200k. The way I see it, even they get into trouble and can't pay me back, I would still have their 200k. Or on the flip, if I got into trouble and could not pay it back. They would have my 200k. So in that sense it would be a secure loan. How would the IRS feel about such a relationship. If we both have real, working businesses and all is written up by the lawyers giving a reasonable rate, would it fly? Seems so much more free than trying to invest within a IRA.