Blanket Mortgage


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Related to Blanket Mortgage: Package mortgage

Blanket Mortgage

A mortgage that covers at least two pieces of real estate as collateral for the same mortgage.

Blanket Mortgage

A single mortgage used to buy more than one piece of property. The multiple properties serve as collateral for the blanket mortgage, but they may be sold individually. Real estate developers may use blanket mortgages to consolidate the borrowing necessary to buy properties for their businesses. In addition to paying for the properties underlying the mortgage, a real estate developer may use a blanket mortgage to cover the cost of developing the property.
References in periodicals archive ?
However, the danger of blanket mortgages when something goes wrong can be a nightmare.
In a condominium, this blanket mortgage is repaid with the proceeds from the sale of every individual condominium unit.
A high rate of known uninsured properties in the mortgage portfolio or a concentration of high valued or coastal properties will significantly impact the price of a blanket mortgage hazard policy.
448,000 first blanket mortgage for 2 one story buildings, with a total of 2 commercial units located near to Town Hall and the Metro North train station in downtown Pelham, NY
The notes are secured by a blanket mortgage loan evidenced by separate mortgage notes secured by first-lien mortgages on 14 apartment properties, representing 3,909 units, in Texas, Arizona, and New Mexico.
The trust fund consists primarily of a blanket mortgage loan, evidenced by a single mortgage note, secured by first lien mortgages or deeds of trust on 53 multifamily apartment complexes located in 18 states.
7 million blanket mortgage loan to provide an estate with working capital while it continues to liquidate a portfolio of high-end properties throughout New York City and the Hamptons.
A $5,000,000 blanket mortgage secured by properties located in Bushwick, Brooklyn One of the properties, a 16,000 s/f building, includes a day care center on Broadway.
It involved a defaulted ownership in California that was being foreclosed on by the lender with UCC liens and blanket mortgage.
According to Hilpert, the owner wanted to consolidate several loans into one blanket mortgage at the most competitive rate and at the same time have the ability to dram additional proceeds (cash-out) on an as-needed basis.
In one such transaction, our company provided a note buyer with 65% acquisition financing for the purchase of a non-performing blanket mortgage and note that encumbered 2 commercial properties.
A new blanket mortgage of $4,760,000 was placed by Meridian on a 65 unit, 6-story multifamily building on Walton Avenue and a 27 unit, 5-story walkup on Marion Ave.