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Business Purpose

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  • March 13, 2014 at 4:33 pm EDT #5605
    Anonymous
    Inactive

    A borrower pledged an investment property (Condo) on a loan where the loan proceeds are to be used for business purposes (purchase inventory). Since the loan purpose is not to Purchase, Improve or Refinance, I would think not. Your thoughts?

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  • March 13, 2014 at 6:06 pm EDT #5606
    rcooper
    Member

    If you are asking if this loan would be HMDA reportable, I agree, it would not since the purpose is not home purchase, home improvement or refinancing.

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