A package loan (package mortgage) finances both real property and personal property (chattels) together in a single loan—common with new homes that include appliances or furnishings. A blanket loan covers multiple parcels; a wrap-around is junior financing that “wraps” an existing loan; “security” is not a loan type but a general concept.
[References: Maryland pre-licensing topic Real Estate Financing (types of mortgages: package, blanket, purchase-money, wrap-around; treatment of personal property in financing)., , ]
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