Here's the scenario:
The purchase loan of a rental property, an unsecured consumer loan and the construction cost overruns of a primary residence are all being refinanced into one longer term amortized note. Collateral is a 1st lien on the rental property and a 2nd lien on the primary residence.
Here's the question:
Should this be reported as a purchase due to the permanent financing of the construction costs, similar to the GIR guides description of taking a 2nd lien for the downpayment is classified as a purchase?
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CRCM