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Updated over 2 years ago,
2nd lien because borrower ran out of money
Hi everyone! I've been reading a lot on the forums since discovering BiggerPockets from their lending book. I read the book, but it didn't really cover this question. I have someone who wants to borrower money for a flip that went over budget. He has a loan already on the property and needs additional capital. The book mentioned to secure it against real estate, but since this is a second mortgage, I wasn't sure what the process might be. What should I know about second liens that may be different from 1st liens? Would I still go through a closing attorney to do this loan?