If the property is held in an incorporated entity - yes. However, if the property is held by an individual, a lender needs some assurance that nothing TRULY heinous will interfere with their lien. If a person is "vulnerable" to a judgement or other collection action, nothing stops that collecting agent from attempting to levy from a second position on your commercial property. Would that wipe out the first position lender? No, but it could very easily destroy the lease agreements that truly provide that lender (let alone the investor) the very income they rely on to pay the loan.
There are reasons that many lenders do NOT allow a second mortgate on investment property, and this is one of them.
Jul 25, 2009