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Partnership: Using a lien to secure your down payment equity?
I am considering providing the 25% downpayment for a deal that I will own 50-50 with a partner.
Lets say that purchase cost is $100k. I will provide $25k and the bank will finance $75k.
Can I record the title so that the property is owned 50-50 between me and my partner (tenancy in common), but I will also record a second position lien of $25k secured against the building? (so that I can get my down payment back before 50-50 profit splits happen).
Or are there smarter/simpler ways to do this?