blanket mortgage

That type of additional security is referred to as a blanket mortgage.

A builder, for example, might use a blanket mortgage to pay for construction of several homes in one neighborhood.

"If she took possession of a unit," he said, "she might be subject to the entire blanket mortgage.

The cross collateralization of more than one property on a hard money loan transaction, is also referred to as a "blanket mortgage".

A blanket loan, or blanket mortgage, is a type of loan used to fund the purchase of more than one piece of real property.

With a blanket mortgage, a "release clause" allows the sale of portions of the secured property and corresponding partial repayment of the loan.

The remaining outstanding balance is adjusted accordingly, and the blanket mortgage continues phase by phase in that manner, until all houses are sold and the entire mortgage is repaid and retired.