Participation Mortgages
Definition of "Participation mortgages"
- Involves more than one borrower being responsible for a mortgage, such as with a cooperative apartment.
- Involves more than one mortgagee lent on a real estate project, such as with a large commercial project.
- Agreement between a mortgagee and a mortgagor that provides for the lender having a certain percentage ownership in the project once the lender makes the loan.
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