Builder Monty must secure a loan with mortgages on five different lots. What type of loan will he need?
A. Bridge loan
B. Blanket loan
C. Construction loan
D. Package loan
According to my research on the different types of loans provided by banks, I can say that based on the information provided within the question the type of loan that Monty will need is called a Blanket Loan. This is because this is a type of loan that is given by a bank in order for an individual to be able to buy multiple pieces of real estate
I hope this answered your question. If you have any more questions feel free to ask away at Brainly.
A blanket mortgage is used to either buy more than one real estate property or to obtain an equity loan using more than one real estate property as collateral.
In this case, Builder Monty appears to be a construction company that wants to start building houses (or other type of residences) and needs money to do it. Usually when builders need money they will use some real estate property that they already possess and use it as collateral for an equity loan.
