The wrap-around mortgage, and related documentation, must not permit the mortgagor to pay the first mortgagee directly
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; …
