Second-lien (junior) notes sit behind a senior mortgage, so they carry more risk — the first lien is paid before you in a foreclosure — and therefore trade at steeper discounts and higher headline yields. They reward careful diligence on the equity cushion and the senior loan's status. Note Central is a marketplace for privately held notes — we are not a party to any transaction and hold no funds; closings are completed with independent professionals. Run your own due diligence and message the seller on the platform.
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