Becoming a private lender - feedback?

[Chris T.]

So 1 of my referrals, who is a banker, is looking for a non traditional lender who can financed a borrower with a not-so-great credit scores. 

So, I'm thinking of being the bank, and the collateral would be the property the borrower is buying. 

Can anyone shared their experiences of being the bank?

And are there any exit strategies you can use? Other than waiting for the borrower to finish the term or refinance you out?

Thank you in advance.