I took possession of the property.However, there is a mortgage from 2002 and a junior mortgage. 

But, it has one University and one junior college (UT Tyler, and Tyler Junior College).

Amongst the common misconceptions I see by posters on BP are that hard money loans are junior mortgages to fill the gap between institutional financing and down payment; that it is in lieu of down payment so the borrower can acquire a property with “no money down”, and that it is money borrowed to use for an earnest money deposit.

We found out later that he had just become engaged to a Russian “doll” 35 years his junior who believed he was worth about 200 times what he was. 2.

the way I read the sentence is like the following :the non-lender banks are trying to keep the failure out of the public because if syndication is unsuccesful it is good for them because they get an expensive asset for cheap and/or they can resell it again to another gp group ; for the CLO lender they can mix/swap around the debt tranches to someone else. the actual guy that's losing money here is the equity owners of both the equity part such as LP investor and the debt owner such as the junior posiiton. 

No I don't Junior.

I'm guessing one could be called the junior adu and the other being the main ADU could work.

Being a unwise, junior investor, I just claimed straight line depreciation for 2022 and 2023 taxes.  

No problem right.So what do you do when you find out the borrower is in prison and the 17 year old daughter who is a junior in high school is living in the property and she is trying to find a place to live with a friend and needs an extra 3 weeks.

Most students have signed a lease for their junior year before they've moved out of the dorms Freshman year.