StackDesk

One file · three seats · same numbers

The triangle.

The buyer borrows from an institutional first and from the seller on a recorded purchase-money second. The lender is paid first in life and in foreclosure. The seller is paid next. The kicker dies if the first forecloses.

Live file · rev 1

$500,000 · first $350,000 · second $150,000 · check $14,650

  • AFR floor met
  • AFR not locked
  • Below usury cap
  • CLTV 100% over cap
  • Senior DSCR
  • Investment occupancy
  • Zero down · check still due
Edit on the deskTriangleSourceEmail

Constitution · rev 1 · not ready

$500,000 · 70% / 30% · investment / non-owner-occupied · AFR 4.49% unlocked · September 2026

BuyerIdleSellerIdleLenderIdle

This structure does not close as drawn

  • CLTV 100.0% sits over this senior’s 80% cap. A 70/30 stack is 100% CLTV — most DSCR firsts will not close it as disclosed subordinate financing.

Raising the cap is only honest if a named senior actually publishes that CLTV. Most DSCR firsts do not.

Conflict engine

  • Conflict

    CLTV 100% over the 80% senior cap

    A $0-down stack is 100% CLTV no matter how you split 70/30 vs 65/35. Cash down is the only number that moves CLTV. Lowering the first just resizes the second.

    Lowering Note #1 LTV to 65% resizes the second to $175,000 — CLTV stays 100% at zero down. Cash down is the CLTV lever.

  • Conflict

    Kicker characterization is unset

    Counsel decides additional interest vs participation. The desk will not pick it for them.

  • Conflict

    No third-party servicer on the file

    Kitchen-table collections are how files blow up. Name a licensed servicer or leave it TBD — required, not optional.

  • Conflict

    No licensed escrow holder named

    Purchase money sits with a licensed title company or a Florida attorney trust — not SSDF Inc., not StackDesk, not Stripe. Name the table that will record deed → mtg 1 → PMM 2.

  • Conflict

    ICA is not marked before the deed records

    Intercreditor is a closing condition, not a follow-up. It circulates before the warranty deed records.

Rebalance

Residual second = price − cash down − Note #1. Moving LTV does not move CLTV at zero down. Aligned seats go Drifted.

This file
N1 $350,000 · N2 $150,000 · $561.25/mo
At 65% first
N2 $175,000 · CLTV still 100% at $0 down
Seats that will drift
Seller and lender (buyer is the desk).
buyersellerlender

lender packet · rev 1 · one file, three seats · identical locked appendix

Never treat the second as senior. Never underwrite the kicker as first-lien debt.

Note #1
$350,000
8.50% · $2,691.20/mo
Note #2
$150,000
4.49% AFR · $561.25/mo
Cash down
$0
Check $14,650
CLTV
100%
Cap 80%

First-lien picture

Note #1 principal
$350,000
Note #1 monthly
$2,691.20 · 8.50%
Note #2 principal (residual)
$150,000
Note #2 monthly
$561.25 · 4.49% AFR floor
LTV (first only)
70.0%
CLTV (first + second)
100.0%
Senior cap modeled
80%
Subordinate ask
allowed
Senior DSCR
1.49x
Combined DSCR
1.23x
Close mode
true-carry
IO on first
no

A junior participation exists and dies if the senior forecloses. It is not first-lien debt. Do not underwrite it as coverage. This pane does not pitch a percentage.

Recording order — not negotiable

  1. 01Warranty deed (seller → buyer)
  2. 02Mortgage #1 (buyer → senior lender)
  3. 03Purchase-money mortgage #2 (buyer → seller)
  4. 04Intercreditor / kicker memo

Flags the first will ask

  • Usury: stated rates under Chapter 687 caps on this sheet.
  • Occupancy: Investment / non-owner-occupied.
  • Balloon on the second: final payment exceeds 2× regular. Florida balloon language in the note.
  • No wrap. No silent junior after this close. No subject-to.

Named first on this file

Open the overlay matrix

Locked appendix · identical on every packet · rev 1

Purchase price
$500,000
Cash down / cash-to-close
$0 / $14,650
Note #1
$350,000 · 8.50% · $2,691.20/mo
Note #2
$150,000 · 4.49% · $561.25/mo
LTV / CLTV
70% / 100% vs cap 80%
Occupancy
investment / non-owner-occupied
AFR
4.49% mid-term AFR · unlocked
Close mode
true-carry
Simultaneous close
same table, same day
Servicer
TBD — third-party required
Escrow holder
TBD — licensed title or Florida attorney trust
Recording order
deed → mtg 1 → PMM 2 → ICA
ICA before deed
not marked
Junior participation
Exists. Dies on senior foreclosure. Not a first-lien underwriting input.

Clock one · same day, same table

True carry at the table

Title and the senior accept a recorded PMM in lieu of cash for Note #2. Seller walks with Note #1 proceeds. Buyer writes stamps, title, points, and escrow on top.

  1. 01Lender wires Note #1 $350,000 to escrow → seller.
  2. 02Seller deeds the property to the buyer.
  3. 03Buyer executes Note #1 + Mortgage #1 to the lender.
  4. 04Buyer executes Note #2 + PMM #2 to the seller ($150,000).
  5. 05Buyer writes the check at closing: $14,650 (down + stamps + title + points + escrow).

Split close dates are a hard stop. Recording order is deed → mtg 1 → PMM 2 → ICA / kicker memo. Table: TBD — licensed title or Florida attorney trust. Funds are held and disbursed by TBD — licensed title or Florida attorney trust, not by SSDF Inc. or StackDesk. Cash-to-close is the check the buyer brings to that table. Stripe is not a Florida escrow agent.

Clock two · every month

Preferred: one third-party servicer if the first allows it. Default: two pipes + cross-default notice. Buyer does not pay the seller in Venmo.

  • Gross NOI (stated)$4,000
  • Vacancy / mgmt / capex haircut-$0
  • Tax + insurance-$0
  • Note #1 P&I−$2,691.20
  • Note #2 IO−$561.25
  • Buyer cash flow (illust.)$747.55

Clock three · sale or refi

  1. 01 · Costs off the top.
  2. 02 · Note #1 payoff (plus any prepay) — remaining $334,216 at balloon.
  3. 03 · Note #2 payoff $150,000.
  4. 04 · Kicker only if the hurdle cleared and the senior did not foreclose. On senior FC the kicker is $0.
  5. 05 · Buyer residual $119,600 on the illustrated sale.

A leftover second after refi is a new triangle, not a silent extension.

Intercreditor — counsel checklist, not an executed ICA

  1. 01Junior: Note #2 is expressly subordinated. No wrap, no AIC, no subject-to.
  2. 02Recording order: deed → mtg 1 → PMM 2 → ICA / kicker memo. Not negotiable on this desk.
  3. 03No CLTV sneak: cash down is the only CLTV lever. Resizing the first just resizes the second.
  4. 04Senior-default notice: days bargained, not a fake statute.
  5. 05Seller right to cure and add the advance to Note #2: days bargained.
  6. 06Standstill as the lender form requires — not a 90-day seller veto of the first.
  7. 07Insurance and tax with the first; loss-payee order lender then seller.
  8. 08Kicker dies on senior foreclosure. Recovery is Note #2 principal + accrued interest.
  9. 09Notice addresses = servicer + both counsel. Not a Gmail. Not a kitchen table.
  10. 10ICA before the warranty deed records.

After close — static card, not a loan OS

Balances at origination
N1 $350,000 · N2 $150,000
AFR lock
Not locked
Junior participation
Exists. Dies on senior foreclosure. Not a first-lien underwriting input.
Balloon
$150,000 in 5 years
Servicer
TBD — third-party required
Escrow holder
TBD — licensed title or Florida attorney trust — not SSDF Inc., not Stripe