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Updated over 8 years ago,
putting a private investor in 2nd position?
I have been using private lenders the last couple years. I typically use a promissory note and a deed of trust to do the loan and close with a title company.
I now have a private lender who wants to the split the loan on one property between funds from his kids education accounts. So it would be two promissory notes and two deeds of trust. But how do you put one in 1st position and one in 2nd? Is this according to the wording in the deed of trust or how the deed of trust is registered with the county?
I have never done this before and I'm just looking for insight.
Mike