10 million in mortgage payable

[csicska]

Hello. Is 'in' the right preposition to use in for example 'The seller wants in return 10 million in mortgage payable' meaning that the seller would get mortgage payable that the buyer would be repaying over time? Thank you.

 

[Uncle Jack]

What do you mean by "mortgage payable"?

 

[csicska]

It would be a mortgage.


Mortgage Payable
The long‐term financing used to purchase property is called a mortgage. The property itself serves as collateral for the mortgage until it is paid off. A mortgage usually requires equal payments, consisting of principal and interest, throughout its term.
Mortgage Payable

 

[Edinburgher]

Your definition in #3 only applies in the limited context of long-term liabilities in an accounting balance sheet. It means the amount of unpaid loan still owed by the borrower. The term is not used in a wider context, and makes no sense in #1.

 

[csicska]

Thank you. Does it require an article?

'The seller wants in return 10 million in a mortgage'
'The seller wants in return 10 million in mortgage'

 

[Uncle Jack]

I still don't understand what transaction you are trying to describe. What is the seller selling to the buyer? Is it property? Is the seller insisting on being the buyer's mortgagee for the property? I know very little of financial transactions, but this sounds very unusual to me.

 

[csicska]

It would be a sale of a business in return for a combination of cash and a mortgage secured by the buyer's land and building payable in monthly instalments.

 

[Edinburgher]

'The seller wants in return 10 million in a mortgage'

Yes, it needs an article, but it needs to go before the number, and you want to drop 'in'. The seller wants (in return) a 10 million Forint mortgage.
In this sense 'mortgage' does not mean the loan, it means the right granted by the owner (that's the buyer) to the lender, that allows the lender to repossess the property if the loan is not repaid as agreed.

Typically the buyer gets a loan from a bank, so that the seller can be paid in full. But in this case, no bank is involved, and the seller is simultaneously acting as lender.