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What Is Blanket Mortgage?

Blanket mortgage, is a type of mortgage used to fund the purchase of more than one piece of real property. Blanket loans are popular with builders and developers who buy large tracts of land, then subdivide them to create many individual parcels and gradually sell them one at a time. For example, if you owned three properties and instead of borrowing separately against each one, you could use a blanket mortgage to create a second mortgage on all three properties.

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