Blanket mortgages sound like loans you take for that really expensive ReST bed you had your eye on. Even real estate professionals aren’t always aware they exist. These multi-property liens are often confused with products like wraparound mortgages. But a wraparound mortgage is just a fancy second lien, whereas a blanket mortgage is a first lien.
Not only are blanket mortgages easier to deal with than those other complicated loans, but they’re typically offered only by specialized companies. This is because traditional banks don’t have the capacity to train staff on how to help professionals who own multiple properties.