David Saks: May 2013

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2164

                                                   #2164

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.

 




David Saks



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Comment balloon 0 commentsDavid Saks • May 06 2013 05:22AM
Real Estate Practice : Lesson 2164
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