We have provided a guidance line of credit to be used to purchase distressed properties. Each advance has its own note and is secured by the dwelling being purchased. Although the loans are shortterm, primary source of repayment is the sale of the collateral.

Would each advance be HMDA reportable?

Yes. They sound like they will be splash and dash loans.

http://www.ffiec.gov/hmda/faqreg.htm#TemporaryFinancing