Adding PML to lien after closing

[Laurie F.]

My HML says I can only add my PML to second position on the lien after closing. How would I go about this? Potential snags in the plan? Thanks!

[John Teachout]

Quote from @Jay Hinrichs:

Quote from @John Teachout:

Why do you have HML and PML on the same deal? Are you not putting in any of your own funds?

I suspect this is what is called gap funding.  ( the second on HML) is commonly referred to as gap funding and the person making the loan is a gap funder.

To have this amount of leverage on a property, especially in light of a shaky economic future, seems like a bad recipe to me.