We have a commercial purpose loan and we also mortgaged the primary residence of the buyer. Do we need to escrow for the residential property? And would rescission apply in this case? The primary purpose of the loan was for business purposes.
Someone having the same question....this is great!! We have a similair situation, but one additional question we have is how can we combine three commercial loans that are business purpose secured by primary resisdence into 1 loan? Do we have to do a refinance?
Any help/suggestions would be greatly appreciated!
How about in a situation where the customer wants to refinance their residence as a commercial loan? The business and the home reside separately on the same unsubdivided lot. Commercial "purpose"? Could this be done to avoid HPML, escrows, etc.