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 $2.3 million five-year
blanket mortgage loan at 3.25% on four separate buildings in Brooklyn.
* $2.7 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.9th Street in Brooklyn.