Category: installment loans online

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Except for substitution of the Bank in place of the Investor as the wrap-around mortgagee, all other loan attributes remain the same: the Buyer gets the benefit of below market interest [9% instead of 9.5%]; the Seller receives all of its equity to invest or use as Seller determines appropriate; the original lender continues to receive the benefit of its contracted for fixed interest rate over the term of its loan; and the Bank, as wrap-around mortgagee, receives an effective interest yield of %. Everyone wins.

For the most part, a wrap-round mortgage should mirror the provisions of the senior mortgage around which it “wraps”, with a pass through to the mortgagor of virtually all mortgagor covenants. An essential element of a wrap-around mortgage, however, is that it must require the borrower to make all payments to the wrap-around mortgagee, who will, in turn, be obligated to pay the senior mortgagee. It is this arrangement which, legally, may enhance the wrap-around mortgagee’s collateral position.

Although not entirely clear from reported case law, at least one respected commentator has suggested that this migration of lien priority is fast installment loans online CO a natural consequence of applicable subrogation law. Judicial interpretation of this proposition in the context of wrap-around mortgages, however, has been scant, and in most jurisdictions non-existent.

In addition to the yield enhancement benefits enjoyed by the wrap-around lender, another advantage of a wrap-around mortgage as compared with a simple “second mortgage” is that the collateral priority of a wrap-around mortgage may, over time, migrate to a collateral priority on par with the first mortgage

While this legal position appears sound in circumstances where the indebtedness secured by a superior lien is paid in full , its application to partial payments under a wrap-around mortgage with pro rata subrogation remains largely untested.ادامه خواندن