Private Lending on a Land Contract

[Matthew John]

Hey guys, 

I just got a Multi Family property under contract and I want to bring on a Private Lender to fund the down payment and rehab costs. 

I'm trying to figure out a way to do this so the Private Lender is protected when the Seller will have a first position lien on the property. 

Normally, I use a combination of a Promissory Note and a Loan/Mortgage Agreement. 

The Private Lender will be lending from an SD IRA so we aren't allowed to give them equity in the property and also use them as a lender. We just want to figure out a way for them to lend money at a fixed rate and protect their investment somehow.