Hard Money Lending for a primary residence

Trying to familiarize myself with the mechanics of hard money lending.  I understand it in the context of investors parterning on a flip, but wondering if it's viable to aid someone purchase a primary residence.  Essentially Buyer has found a house off-market and wants to ensure the purchase is "as-is".  The condition of the house makes it unlikely for a conventional loan to close without addressing a few health/safety issues before closing, but the Sellers want an "as-is" sale.  

For the Buyer in this situation, is it possible to use a hard money lender to purchase the house from the Seller "as-is", quickly address the health/safety issues that a conventional loan would flag, and then essentially "buy back" the property from the hard money lender at the original purchase price + interest/points using a conventional loan for the purpose of living in the house?