Good Afternoon Jack:
Our bank has several loans given to individuals or corporations that are secured by notes receivable. These individuals or corporations borrow money from the bank to buy homes, which are then sold to “LMI individuals”.
Can these loans be given CRA credit consideration since the funds are indirectly being used to house low-to-moderate income individuals? My colleague is suggesting that I follow the money one step further from our customer.
Help 🙂