Can I borrow against a portfolio of second position mortgages

[Chris Anderson]

My wife owns a portfolio of 2nd position mortgages we are looking to leverage.  Here is the story:

We sold a portfolio of rentals to a single buyer and part of the deal is we held back a 10% mortgage.  He still put down 15% on top of the 1st and 2nd position mortgages.  So initially there was at lease 15% equity and on some the appraisals came back higher so there is even more equity.  Two years has passed and all the properties are worth even more now.  

We have several business and are looking to borrow against these mortgages.  The portfolio has a face value of around $800k.  We would like to use it as collateral for a loan of about $250k.  Does anyone know a lender who would do this.  The payments from the mortgage would cover a loan of this size as 12% interest.  

thoughts?  Know anyone who might be able to help?

Chris