I scoured the HMDA threads as best as I could, so I don't think this particular question has been asked.
We have a loan to aquire multiple townhomes and finish constructing two of them. The loan was booked as a construction loan, but 75% of the funds are being used for the acquisitions.
Does the percentage of funds being used towards the purchase make this a HMDA reportable loan, even though the loan was booked as a (3-yr) construction loan? There are no plans for permanent financing, the owner plans to sell the townhomes.
Thanks in advance for your thoughts.