Subordinate Mortgage Financing - The Perils of the Senior Lender [1997]. Second mortgages fell by the wayside for all the reasons described in this article and more. They were replaced by mezzanine financing, A/B loans, intercreditor agreements, and other multi-lender structures. This article appeared as a chapter in Lender's Guide to Structuring and Closing Commercial Mortgage Loans. For more information or to order this book, please click here.