JV or LLC structures for GAP funding

[Bryan Hartlen]

When we flip we use hard money lenders and often use GAP funders to cover what the the HML doesn't. We have some HML's that are fine with us recording the GAP funders 2nd position DOT/mortgage. Lately, we've found a couple large national HML's that have good terms, very deep pockets but won't allow 2nd position loans. But, they're fine with funds coming from a JV.

I’m guessing that someone on BP has already solved this?  We’re looking for an option than not only allows us to use GAP funds with these HMLs but also provides the GAP funders with protections on their investments that would be similar to the recording of a 2nd position lien. 

And if you happen to know a lawyer that’s adept at crafting these types of structures and agreements?

Thanks in advance.