People do that all the time. You may want to hire a lawyer to draw up the promissory note and the mortgage so that you will have enforceable remedies if your friend stops paying you back.
Do you want to get your money back? If yes, you want to talk with your attorney so that your attorney can take the right steps to increase the chance that you will eventually get your money back.
You can certainly lend money to a person to do anything lawful.
You can review the specific facts with your attorney and then decide what to do.
No problem. But properly securing repayment and setting forth the terms of the loan may require an attorney's input to draw up the promissory note and security paperwork.
I provided this response for informational purposes only, and nothing stated should be construed as legal advice specific to your situation since I have not been provided with all the facts and details. If you would like to consult directly with me, you would have to contact me privately for a consultation. Even then, I am not your attorney unless you and I sign an agreement to that effect. I am not licensed to practice law in any state other than California and this response is not intended to be considered as a solicitation of legal services. Please consider how much you have paid for this response before relying on it to determine your legal rights and obligations.
Be careful of the consumer loan act, RCW 31.04. Generally you need a license to lend on a residence if you want it to be a secured debt. You will want to see a local real estate attorney in your area to explore this in full, though my instinct says be very careful in general.
This answer does not constitute legal advice and no attorney-client relationship is formed through this answer. If you wish to have a free consultation as to your question and my answer, please contact me at your soonest convenience.
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