Is it possible to create a 2nd lien split between 2 parties?

[Jay Soma]

I'm currently working with a contractor in Austin that has a 2nd lien position in a property to the amount of $60K.  We'd like to rewrite/recreate this lien to include me to the amount of $40K, and him to the amount of $20K, so he can free up some of his capital and I can participate in this flip.  Is this something that's possible?  If not, what options are there to where we can still implement this split of the 2nd lien?