Blanket Mortgage. By Investopedia Staff. A blanket mortgage is a mortgage that covers two or more pieces of real estate. The real estate is held as collateral on the mortgage, but the individual pieces of the real estate may be sold without retiring the entire mortgage.
Blanket Mortgage Loan Sizes and Repayment Terms. The minimum loan amount for a blanket mortgage will normally be around $100,000. The maximum loan can exceed $50,000,000; however, these larger blanket mortgages will be the domain of borrowers with the best long-term track records and profitability, and who are holding properties like large apartment complexes.
"Blanket Agreement" means this Blanket Security Agreement. "Blanket Mortgage Collateral" means all of the Mortgage Collateral in which Borrower and any applicable Pledging Affiliate has (i) an interest and (ii) granted a security interest to FHLBank, whether now or hereafter acquired, and the proceeds, replacements, and products thereof.
On a wrap-around loan, the lender assumes responsibility on another mortgage. For example, say the property has a sales price of $500,00, but there is a loan on the property already for $200,000. If $100,000 is put down as a down payment by the buyer, the lender then gives a mortgage on the $400,000 that remains.
The clause differentiates the blanket mortgage from the traditional mortgage because it gives the borrower the flexibility to make a partial repayment of the loan when a piece of the secured property is sold. A traditional mortgage generally contains a “due on sale clause” and requires payment in full when the secured property is sold.
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ALTERNATIVE FINANCING – Mortgage financing other than a 30 year fixed rate. Lenders use basis points to measure interest rates in yield calculations.. blanket mortgage – A mortgage which may use two or more pieces of real.
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In that regard, a Florida court recently ruled that MERS lacked standing to pursue foreclosure proceedings on behalf of the beneficial owners of several mortgage notes who were not named parties to.
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