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Updated about 8 years ago on . Most recent reply
John ThedfordPoster
#5 Wholesaling Contributor
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
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Potential Borrower Wants HML On Partial Build
John ThedfordPoster#5 Wholesaling Contributor
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Got contacted by BP member wanting a HML on a partial build. My main concern is how to be protected. How do most HML structure these deals? I don't want to put money out and then end up with liens, etc that may be superior to my 1st (or are the in order of recording).
Most Popular Reply
@John Thedford, the superiority of liens may vary State by State. In Michigan, they are strictly in order of filing except for IRS and Government liens which are superior. A superior lien holder can only be displaced if they agree to subordinate their lien. Florida? I have no idea.