How does a private lender make his money?

Greetings to all and thanks for the help,

I am trying to figure out how a Private Lender makes his money if he loans you, say 100,000 at 8% interest. Does it work in the way that I imagine, in the following sense?:

He loans you 100K for a 3 year term at 8 percent interest and earns 8K each year and at or before maturity receives his 100K back? And I am assuming this means he also earns 33K each year which is his money coming back to him provided the borrower does no default?

Thanks for the help and good bless,
billionaireroc

Greetings,

No need to reply, I now know the answer after speaking with someone.

Roc