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#1558469 - 05/31/11 03:53 PM Rental property - reportable?
Island Dreaming Offline
100 Club
Joined: May 2009
Posts: 215
midwest
Given the following circumstances, is this reportable as a purchase, refi or not at all??

Application is for funds to pay down (not payoff) a LOC with a different lender. Funds from the LOC were used to purchase a rental property along with other business expenses. No mortgage was taken by other lender. The rental property will be used as collateral for our loan.

Thanks!
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#1558501 - 05/31/11 04:27 PM Re: Rental property - reportable? Island Dreaming
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
From the information you've given it doesn't meet the definition of purchase or refinance. I don't think it's reportable.
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#1558516 - 05/31/11 04:39 PM Re: Rental property - reportable? Skittles
Island Dreaming Offline
100 Club
Joined: May 2009
Posts: 215
midwest
That's what I was thinking also. Thanks Duchess!
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