Also known as a wrap. A type of secondary financing for real estate acquisitions in which a seller offers a buyer a junior mortgage separate from senior mortgages that the real estate already secures. A seller accepts a promissory note secured by the property for the amount still due on the senior mortgage, plus another amount that can be as large as the remaining purchase money balance. The buyer pays the seller every month and the seller then pays the underlying mortgagee(s). If the new buyer defaults on its payments, the seller has a right to foreclose on the property.