Package Mortgage

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 22 of 72

A package mortgage is a unique loan used when a buyer wants to finance both real property (land and buildings) and personal property (movable items) in a single transaction. This is common in commercial real estate, such as buying a furnished restaurant, or in residential resort areas where a vacation home is sold fully furnished. The loan amount covers the house as well as items like appliances, furniture, or equipment. The lender holds a security interest in both the real estate and the personal items, allowing the buyer to pay for everything with one monthly payment.