We are in the process of buying at BLT at a 210 point level. Our Guide told us that since it is over 200 points, they will let us break it into two title deeds -- a master for 105 and an add-on for 105. She said it is not the norm, and I think it needs to be "approved" by Disney but she said she'd just done it for another client and it was not a problem. It technically is the same contract though and same membership #.
If you really want two separate contracts, I am not sure if they do that.