7: Getting Help: Mortgages and Other Financing in .NET

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7: Getting Help: Mortgages and Other Financing
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When one of the properties covered under a blanket mortgage sells, all or a portion (for example, half or three-quarters) of the purchase price of the property has to be paid to the lender to reduce the blanket mortgage The payment is a condition for the lender s releasing the encumbrance on the individual property After that, the lender releases the portion of the blanket mortgage that was filed on that property in order for the purchaser of the property to place his own mortgage Blanket mortgages are an efficient means of mortgaging several lower-value properties within your portfolio with a view to consolidating their value through the purchase of a more valuable asset This is an attractive means of trading up if you ve gotten a foothold in the market with several low-value properties For example, an investor with three apartment properties valued at $1 million apiece may secure a blanket mortgage that facilitates the purchase of a $4 million apartment block with a greater number of units in an up-and-coming neighbourhood The new purchase promises not only greater cash flow in the short term, but if the property values in the neighbourhood rise, the investor could be sitting on a property worth more than those initial three apartment buildings ever were
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Collateral mortgages, in practical terms, provide lenders with a form of backup protection for loans filed against property Rather than the mortgage agreement itself serving as the main security for the loan, the security is typically a promissory note (a legal agreement regarding the loan signed by both the lender and borrower), personal guarantee, or the assignment of some other form of security Discharge of the collateral mortgage occurs when the borrower fulfils the terms of the promissory note A collateral mortgage resembles a conventional mortgage, with the difference that a subsequent buyer can t assume it when a property sells This makes the collateral mortgage a common option for raising funds for purposes other than purchasing property, such as home improvements or other investments
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To encourage buyers of new homes, a builder may offer mortgage packages arranged through the lender that s financing the project For example, the builder s lender could offer buyers a mortgage at half a percentage point less than the posted rate for a mortgage and include all legal costs for transferring title and doing the mortgage work The arrangement provides more business
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Part II: Preparing to Buy: Financing Real Estate Investments
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for the builder s lender, which could result in a better deal on project financing for the builder The builder may even receive a commission for sending business the lender s way When it comes to a builder s mortgage, beware! Ask a mortgage broker if you can get a better deal If a builder has arranged with its lender to offer a halfpoint discount on a mortgage complete with legal costs, you re probably going to be able to find an institutional lender that can offer to cover your legal costs as well as reduce your interest rate by a full point When a builder offers a special mortgage, it has made arrangements with the lender to subsidize the discounted or incentive cost of the mortgage by paying the lender for its calculated loss Conversely, the lender may have a deal with the builder that if the lender gets more than 50 percent of the mortgage business say, a minimum of 200 out of 400 condos for sale it will absorb the discounted mortgage Another reality is that it might just be a one- or two-year mortgage with a discount If you want a longer mortgage than that, you would pay extra for the additional years Make sure you obtain legal advice to ensure the terms of the mortgage meet your requirements You may want to investigate the option of renegotiating the mortgage from the builder s lender at a future date should your needs change (we discuss the question of renegotiating mortgages in 8)
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