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.
Eventually these blanket mortgages, which encompass multiple encumbered assets with individual legal descriptions, could comprise the multiborrower debt collateral pools underlying some types of securitizations.
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.
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.
A blanket mortgage in the amount of $1,725,000 was issued on a 16 apts and one store on Driggs Ave, and N.
A blanket mortgage secured by 3 multifamily buildings located in Merrimack, New Hampshire in the amount of $1,350,000.