So I unexpectedly managed to get two people to loan me money on a SFH BRRRR deal through conversation. The problem I have is how do I structure a loan with multiple people in it? They're both in my close circle, but do not know each other. With the two of them together, they would finance the acquisition costs, and I would finance the rehab. But how can I protect both of them in a way as if I had only one lender and put he/she in 1st position? Should I be speaking with an attorney about this?
Or should I suggest we talk again later once they have more money to invest so that I won't have to split equity with more than one lender?
They can be co-lenders both in first position. Each one will own fraction of the loan. Better have attonrey set this up.
thanks @Roman M. for the reply
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