If you go the route of short term lender, make 100% sure the person you lend to knows what they are doing and I would only lend on the purchase price and closing cost, not the rehab.  

Next, we don't lend more than 65% of the value As-Is, so if the C Buyer drops out then we can find a new buyer and still give them a good equity position.

Portfolio loans can be handy because, while most lenders follow lending guidelines which allow them to originate mortgages and then sell them on the secondary market, a portfolio lender can follow whatever guidelines they want -- or no guidelines at all -- because they intend to keep the mortgage on their own books, service it, and collect the interest until it's paid off. 

. - When we're dealing with a [real, legitimate] lending bank, we have more of a chase after earned income (Banks want work to be done before paying for it)... but we always try and make sure that we have a pretty sizable downstroke and we don't work too far ahead of it before calling for the next draw.

I have a $3k in Lending Club with notes that pay interest that I just leave there.  

Even if you are, it's not note compliance that will concern you, it's lending/licensing requirements that will be your biggest hurdle.  

I have a relative in CA that has done private lending for years and made a LOT of money. 

I don't necessarily consider loans as risky, I'm coming from the point of tying up the loan payment money and having negative interests to pay VS getting that payment money to work for me some other ways (lending, flexibility in negotiations, etc.).

The FNMA condo guidelines are all here  https://www.fanniemae.com/singlefamily/project-eli...Condo projects and properties which don't meet Fannie Mae and Freddie Mac warrantability standards are known as non-warrantable.Non-warrantable condos are more challenging to borrow against.Typically, a condo is considered warrantable if:No single entity owns more than 10% of the units in a project, including the developerAt least 51% of the units are owner-occupiedFewer than 15% of the units are in arrears with their association duesThere is no litigation in which the homeowners association (HOA) is namedCommercial space accounts is 25 percent or less of the total building square footageWhat  you want is lender that will lend on NON warrantable condo project. 

I was Hard money lending at the time. and had a big company but I like people and it was fun.. !