Private lending question - switching a lender

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I've been private lending for a while to a company I know at 12% interest. The loan is backed up by a property that has a value higher than the loan.

The company I work with is seeking another loan which I have agreed to, this time it's in order to pay back another lender, they are looking to move the mortgage on the property from the previous lender to me. I understand it's not going to be in the way of issuing a satisfaction with the previous lender and then issuing a new mortgage to me.

The property this time is also fine by me. Just wanted to know what I should look for and what I should be careful with when doing this type of change in the mortgage.