Downsides to Private Money?

[Bill Spell]

Are there any potential downsides to securing a private loan (from an individual) with the asset via a deed of trust vs. a personal private loan in a flip?  I'm thinking 2 to 6 month hold on single family.  Obviously there would be a small added expense to have the deed recorded and the lender could foreclose if you don't perform but I can't think of any other.  To me, it seems you would want to go the deed of trust route to give the lender peace of mind to feel more confident in making the loan.  Am I missing any other business or financial risks or costs?