Blanket Loan Program
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Finance multiple properties under a single loan agreement with a blanket loan program. With this type of loan, the borrower can consolidate several loans into one, making it easier to manage their finances and potentially lowering their overall interest rate.
Under a blanket loan program, the borrower typically pledges multiple properties as collateral for the loan, with each property acting as a separate and distinct lien. This means that if the borrower defaults on the loan, the lender can foreclose on one or more of the properties to recover the outstanding balance.
Blanket loans are commonly used by real estate investors or developers who own multiple properties and need financing to cover them all. They can be used to finance residential or commercial properties, including multi-family buildings, office buildings, retail spaces, and more.
One of the main advantages of a blanket loan program is that it can simplify the loan process and potentially reduce the borrower's administrative costs. For example, instead of managing multiple loan accounts and making multiple payments each month, the borrower only needs to manage one account and make one payment.
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