#1264

A developer has seven parcels of land and found out that he needs some more money to finish the project.

In order to secure a loan and the additional resources needed to finish the project the developer offers all seven parcels of land as collateral for the loan.

This type of loan secured by more than one parcel of land is commonly referred to as a wraparound loan.

Is this fact true or false ?

Take your time. The solution is nposted below the wildlife photo.

wildlife

A. False

When a mortgage is secured by more than one parcel of land and more than one parcel of land is neing used as collateral this type of loan arrangement is known as a blanket mortgage.

A blanket mortgage is commonly known as a type of mortgage which will encompass more than one parcel of land.

 

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Posted by David Saks on 08/15/2011 09:44 AM   Comments (0)   Theory and Practice in the ActiveRain Channel   theory and practice  
Originally posted at: David Saks: Real Estate Practice : Lesson 1264
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