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Updated over 2 years ago,

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9
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5
Votes
Allison Collins
5
Votes |
9
Posts

2nd lien because borrower ran out of money

Allison Collins
Posted

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?

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