Please help me understand this concept from Ben Leybovich's eBook

[Benjamin Shaw]

Hi BP!   So I'm taking a look at the eBook from @Ben Leybovich called 20 Ways to Buy an Investment Property with $2,000 or Less, which you can get here.

I heard ben on the podcast a few times, and his words really resonate with me, although I do not fully understand all of the terminologies that he uses so fluently. Take for example the excerpt shown below in which he talks about funding a deal via both a private lender and seller financing:

"OK – let’s say you are in fact able to find someone who’ll give you the money, but because you are such wildcard, they do not want to give you any more than 60% of the purchase price. In this case, you could structure the deal whereby the private lender gets a note and mortgage (deed of trust) in first position, while the owner takes back a note in second position."

I get the basic idea, but I do not fully understand the  last sentence "you could structure the deal whereby the private lender gets a note and mortgage (deed of trust) in first position, while the owner takes back a note in second position."

ELI5: What exactly does it mean for the "private lender to get a note and mortgage (deed of trust) in first position, while the owner takes back a note in second position." ?

Any chance anyone could break down this sentence so a 5-year-old could understand it?