Blanket Mortgage

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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 ?
This then affected all five of my properties as they were all connected through the blanket mortgage.
Blanket mortgages frequently ore incurred by subdividers or developers who hove purchased a single tract of land for the purpose of dividing it into smaller parcels for sale or development.
Under guidelines announced last week by Fannie Mae president Larry Small, both co-op share loans as well as underlying blanket mortgages will have previous restrictions relaxed.