W:

Wrap around mortgage: It is the form of secondary financing in which a lender allows the borrower a junior mortgage which wraps the other superior mortgages.

For example if A has $ 80,000 mortgage on his home, sells his home to B at $100,000. B makes a payment of $5000 and the rest $95,000 is outstanding for him. So he borrows a new mortgage for this loan. In this case this mortgage acts as “wrap around” for the existing one.