Collateralizing multiple lenders on private money deal

[Taylor Chiu]

Hi there, I'm working on setting up a private money deal (I'm the deal provider, they are the cash provider). 

If I have 2 lenders contributing funds to purchase 1 property, what will the mortgage security document look like? In other words, how can 2 lenders foreclose on the same property in the case of default?

I'll be consulting a lawyer soon, but wanted to put this out there for any initial feedback. Thanks! 

[Jay Hinrichs]

Multi bene loans are legal in some states NOT legal in others.. Like Oregon they are not legal.

check with you title and escrow company they will tell you if they do any.. if they do none its probably not done there if they say yes we do them all the time.. then your probably OK

your lawyer will put language in that allows the co bene's to foreclose very common.. but you do want to have that in writing up front..   its just like taking title tenants in common on a property.. only they are taking the beneficial interest as to a % of money putting in.. 

in CA in my HML days all our loans were multi bene..