According to the scholars who allow the creation of cash waqf, it is permissible to lend the money to someone. This is also the view of Imam Malik in this scenario.
However, since it is imperative to ensure the perpetuation of a waqf donation, one must ensure that the money will be returned. Hence, a throughout risk assessment and credit check must be put in place to avoid any default.
And Allah knows best!
(Mufti) Billal Omarjee