What should I watch for when taking out loan from private lender

[Chan K.]

Hello Everyone,

A private lender is offering a home equity loan on my old single family residence.

I am assuming he will put a lien on it with a 2nd position, correct?

It is 5% and 15 years term

What kind of information am I expecting him/them to ask me for?

FYI: The lender is out of state. I found him through a landlord connect page/group.

I never done something like this before.  

So in general, what should I watch out for or should keep an eye out for?

Any scary scam story about private lending out there .......