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#1639724 - 12/15/11 07:37 PM Occupancy
mzachau, CRCM Offline
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mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
Borrower is an LLC. A member of the LLC will be occupying the property as their PR. Report as code "1" under occupancy?

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#1639726 - 12/15/11 07:41 PM Re: Occupancy mzachau, CRCM
Skittles Online
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Joined: Sep 2002
Posts: 13,963
Is the owner of the property also the LLC? If so, you would put a '2' as non-owner occupied. An LLC can't live in the property.
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#1642243 - 12/22/11 02:59 PM Re: Occupancy mzachau, CRCM
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,643
I agree with Duchess. A non-person cannot occupy a dwelling.

Also, keep in mind that you have to look at who is actually the owner of the property. If the home is in fact the member's house and he is placing the home up for collateral for the business loan, then it would be "owner occupied" as the business does not own the property, the member does. The question you have to answer is: "Who is the trueowner of the property?"
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.

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