[Lawren McCoy]

Epicenter, Holly Smith, Peoples Exchange Bank, Group 2

[Lawren McCoy]

Tawny Port, Lawren Portwood, Peoples Exchange Bank, Group 2

[Lawren McCoy]

We have a similar situation.. but also different.

TRID loan. Vacant land / constructing residence. The contract with the builder is $500,000 total. Our loan is $344,000 for construction of the home. The buyer is bringing $156,000 cash at closing to cover the land purchase ($112,000) and the rest of the construction portion – paid to the builder directly. So the buyer will own the land at closing. We have it reported as construction purpose for our loan. Would that be correct? They are not purchasing the land from the proceeds of our loan. We do have the property value of the loan listed as the full amount of contract, land + construction.

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