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February 03, 2023, 03:19:15 am
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Real Estate Investing Forums
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Wrap Mortgages
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Topic: Wrap Mortgages (Read 4397 times)
JayDee
Member
Posts: 121
Wrap Mortgages
«
on:
November 16, 2005, 08:30:32 am »
Hello.
I was talking with a local attorney yesterday who is into commercial real estate investing. He told me that he has all of his properties under the same financing and called it a Wrap Mortgage. He advised that anytime we buy a new property, that we should if at all possible try to wrap it into our other property's financing. I didn't understand that statement 100%, so I thought I would ask you all! :-)
Let me know the scoop....Do any of you do this with your properties?
Thanks
JayDee
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4EEM
Member
Posts: 820
Re:Wrap Mortgages
«
Reply #1 on:
November 16, 2005, 09:04:26 am »
Can be a real pain in the A** if you ever decide to sell one of the properties in the wrap/blanket.
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Patrick S. Lawson
Highland Lending, Inc.
Phone (407) 877-0093
Fax (866) 476-1133
JayDee
Member
Posts: 121
Re:Wrap Mortgages
«
Reply #2 on:
November 16, 2005, 09:10:26 am »
Ah I see. So, how exactly does a Wrap Mortgage work?
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MoneyLenderP
Member
Posts: 95
Re:Wrap Mortgages
«
Reply #3 on:
November 16, 2005, 10:08:42 am »
also if you default on one of the propeties, you lose them all. I don't understand his thinking lol.
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Patrick Pittius
Direct Lender
718-954-0128
www.LendingHabitat.com
* I can price up your loans with live time rates on the spot*
JayDee
Member
Posts: 121
Re:Wrap Mortgages
«
Reply #4 on:
November 16, 2005, 10:10:30 am »
So are there any advantages to having them all in one mortgage?
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Mdhaas
Global Moderator
Member
Posts: 2570
Re:Wrap Mortgages
«
Reply #5 on:
November 16, 2005, 12:39:52 pm »
Quote
Ah I see. So, how exactly does a Wrap Mortgage work?
A wrap mortgage will include 2 or more properties as it's assets. I have refinanced several of these and as was previously mentioned they are a pain in the arse. You have to get the lender to agree to
splinter
the particular mortgage away from the others and calculate an individual payoff. Then the lender has to regroup the remaining parcels back into the existing loan.
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If at first you don't succeed.....................skydiving is not for you
tedjr
Member
Posts: 2403
Re:Wrap Mortgages
«
Reply #6 on:
November 16, 2005, 02:56:57 pm »
Howdy Jaydee:
A more common wrap is when the seller is financing a property and leaves his mortgage or mortgages in place and wraps them. The seller is collecting on the entire note from the buyer and then paying the underlying mortgage(s). The seller will usually have equity in the property and will collect a down payment.
The loans where you put several properties into one are called blanket loans. I have never heard a blanket loan called a wrap but it is possible in different parts of the country.
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Ted P. Stokely Jr
San Antonio, Texas
kdhastedt
Member
Posts: 5807
Re:Wrap Mortgages
«
Reply #7 on:
November 16, 2005, 03:04:13 pm »
I was thinking the same thing, Ted, but was busy when I read this before...!
Keith
«
Last Edit: November 16, 2005, 03:04:33 pm by kdhastedt
»
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I have CDO...it's like OCD but in alphabetical order - the way it should be!
Mdhaas
Global Moderator
Member
Posts: 2570
Re:Wrap Mortgages
«
Reply #8 on:
November 16, 2005, 03:06:14 pm »
ya know we speak funny in the north. We don't have
soda's
, we are never
fixin'
to do anything.
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If at first you don't succeed.....................skydiving is not for you
kdhastedt
Member
Posts: 5807
Re:Wrap Mortgages
«
Reply #9 on:
November 17, 2005, 07:15:41 am »
Mark...
Sorry to burst your bubble, but where I'm from, Ohio is on the fringe of the "Deep South"!
LOL...
It's been a real treat here in Louisiana trying to learn a new language...some of my favorites:
"Might could"
"Fixin' to..." or in some part "Fitsin' to..."
"Useta could"
"Rent house"
Keith
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I have CDO...it's like OCD but in alphabetical order - the way it should be!
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