If the investor is using a HML, offering a second position may be challenging as most lenders prefer to be the sole lien holders. For example, say the investor is requesting funds for a rehab draw and they utilized a GAP loan. This could potentially lead to complications such as frozen funds when mechanics liens are searched and they see the 2nd lien. However, if you're open to a silent second position via a promissory note, it may be feasible.