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What is a blanket mortgage?  Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A mortgage which covers multiple (more that one) pieces of property. This type of mortgage is frequently used by builders and real estate developers, who buy large trusts of land and then subdivide them into several smaller parcels. A blanket mortgage could be a good way, to reduce closing costs and potentially gain negotiating leverage against lender. A potential problem with blanket mortgages, is when the subdivided lots are sold, which then may be harder to split/allocate the appropriate loan amount to the lot. Also, from a tax strategy perspective, because there is only one loan on the entire property, it may be harder to allocate expenses as the units are sold. In addition, potential new buyers (many of whom may rely on financing) will have a harder time completing their due diligence, since they may have to review the loan documents of the property as a whole. Another problem is that by having only 1 lender, they may have fewer financing options, in the event things don’t turn out as expected.

 

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