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Loan holding advice in Houston, TX area
Hello. We are investing with a contractor and we are fairly new to the loan holding world. There are two houses being built in Houston, TX and we funded a portion with the corresponding deed of trust and lean placed on the property. We also have a Guarantee document for this loan. The project needs additional funds and we are going to provide a second loan. These are the possible scenarios and questions:
1. For simplification, would it be ok/not unusual not to secure the second loan with a second deed of trust and instead add a 'clause' on the second Guarantee document. The clause added would be something along the lines of 'initial lean placed on property with the same loan provider will not be lifted until this second loan funds are payed'.
2. If the above is not possible/not recommended and we add a second lean. What is a reasonable cost range for a lawyer to handle this task?
3. Can someone recommend a law office in the Houston area for a second opinion? And, is a deed of trust something a paralegal can take care of or we should absolutely go with a lawyer?
Thank you!