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Once A Mortgage, Always A Mortgage - The Use (And Misuse) Of Mezzanine Loans And Preferred Equity Investments, Andrew R. Berman
Once A Mortgage, Always A Mortgage - The Use (And Misuse) Of Mezzanine Loans And Preferred Equity Investments, Andrew R. Berman
Articles & Chapters
The mortgage remains one of the most common and successful techniques to finance real estate transactions. In the last 25 years, mortgage loans have also been sold in the secondary market and included in mortgage-backed securitizations. The amazing growth of mortgage securitizations has also led to the development of novel financing techniques, including mezzanine financing and preferred equity investments.
This article discusses the historical development of real estate financing from the early beginning of mortgage law and the equity of redemption through the modern advent of mortgage-backed securitizations (MBS) and other non-traditional financings. It argues that the phenomenal success of …