In using the logic that a construction to perm is reportable as a purchase when you take land as collateral but in the end it will be a residential property. I have a couple questions as to if the two scenarios below are reportable.
1. A loan to purchase a warehouse with additional funds to improve the property and convert it into a 20 unit apartment building? The collateral is the warehouse but in the end will be an apartment building. IF it is considered HMDA reportable, it would be a multi-purpose loan, to purchase and improve, so improve would trump the purchase? OR, would this NOT be considered HMDA as it is NOT a loan to actually purchase, refinance, or improve an existing dwelling?
2. A loan to refinance existing debt, the loan being refinanced originally funded the purchase and conversion of an abandoned church into a 17 unit apt. building, the additional proceeds are being used to convert a vacant school into a 4 unit apartment building. The Collateral is the vacant school, but in the end will be an apartment building.
If scenario one is reportable then would this be reportable as a refinance under HMDA?