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Updated over 4 years ago,
Can more then one lender have first position
Hey BP I am about to go under contract on my fourth deal and I am giving private money A shot. I was wondering if I could give more then one private lender first position on my property. I have A few people interested in lending to me but cant afford the full purchase price or rehab. If I was all into A property for $100,000 and had four private lenders give me $25,000. Could I give them all first position and they would own 25% of the property each if the deal where to go sideways? I just want to know what I can offer A private lender that cant afford the whole loan to make them feel safe in addition to A promissory note and making it A personal recourse loan.