2nd Position Requesting 1st Position Subordination

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Hello,

I have a flipper business associate that I loan money for rehab projects in Portland Oregon.  He uses a business loan to purchase the property (historically 50-60 cents to the dollar for selling price) and I loan him the rehab money (15-19% interest only for 4-5 months).  Both loans are recorded on title for the property.  I use fairly cured underwriting where I determine, if foreclose is needed, how much money would be left.  On average, a theoretical foreclosure would pay off the first, second, and have 57% of the second left.  In essence the second covered by 157%, e.g. if I loaned $100k, net foreclosure after 1st and 2nd is paid would be $57k.  I am aware there is risk and a lot that could go wrong (foreclosure costs, opportunity costs, property value goes down, property is vandalized/destroyed, etc.).

I was looking into ways to further mitigate the risk to the 2nd note.  I was thinking I could request a subordination clause that would allow me to buy out the 1st position in an event of a foreclosure.  If this is a good option, do I just call his bank and ask for the next note?  What other ways could I mitigate the 2nd position risk?  Thank you for your time.

- Joe