A seller holding a first-position lien on an $8 million loan can foreclose after you finish construction and claim a missed payment, taking the land. Secure a first-position lien on your $4 million portion to block them and keep control of the deal.
Are you in the deal room? First position lien on the $4 million. So that way, after we get done doing entitlements or anything like that, that the seller cannot immediately invoke a position of superiority or dominance and take away the— and basically foreclose on us after we get all the work done. Okay. Because literally giving them first position on that $8 million loan gives them the ability to wait until all the work is done and then say, oh, you guys missed a payment, and then take the land from us. And we would have no way to fight that. It'd be years to fight back and forth.
