Private Money and Hard Money together?

[William M Williams]

Hello everyone,

I'm a newbie investor and like many, I have tons of questions to ask; but I narrowed it down to one specifically. 

I'm interested in doing a flip and wanted to know how the structuring of using a PML and HML together would go? I understand that when using HML's, if the borrower was to default on the loan, the HML is then entitled to take the home and sell it themselves. However. what happens when you have PML involved also. What rights do they have to home if the borrower defaults on payment - considering that a HML is involved on the deal as well?

Thanks in advance Bigger Pockets Family!

-William Williams