Package loan
Encyclopedia
A package loan is a real estate
loan
used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpet
ing, window covering
s and major appliance
s.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpet
Carpet
A carpet is a textile floor covering consisting of an upper layer of "pile" attached to a backing. The pile is generally either made from wool or a manmade fibre such as polypropylene,nylon or polyester and usually consists of twisted tufts which are often heat-treated to maintain their...
ing, window covering
Window covering
Window coverings are material used to cover a window to manage sunlight, to provide additional weatherproofing, to ensure privacy or for purely decorative purposes....
s and major appliance
Major appliance
A major appliance, or domestic appliance, is usually defined as a large machine which accomplishes some routine housekeeping task, which includes purposes such as cooking, or food preservation, whether in a household, institutional, commercial or industrial setting...
s.