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Related to Blanket Mortgage: Package mortgage
A mortgage that covers at least two pieces of real estate as collateral for the same mortgage.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
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