We did a five year balloon note for a borrower to construct a beach house. This loan is secured by a condo unit. Doesn't really qualify as a temporary loan-would we report this as a purchase? Which property to report?
thanks.

End loans or combined construction/perm loans are reported as purchases. This is just a construction loan, correct? Then this is a refinance for HMDA.

For purchase and refi, you report the property securing the loan, the condo.
For HI you report the property being improved.

TR - would you call this a refi if there's no existing lien being paid off? I would have been trying to decide between purchase and non-reportable (plain old cash-out).

This looks like a construction/"mini perm", which would be a purchase....unless the entire construction period is 5 years! That would be unusual.

Assuming the condo unit is residential property, this would be a purchase.

If this is purely construction, the transaction would be non-reportable unless your bank holds to the view that no takeout means it is yours, therefore you by default have the perm.

I will be surprised if this 5 year loan is construction only.

I concur with KB.

Blew past the five year construction loan part.
Even if there was a current loan on the condo, if this is a mini-perm as KB suggested, it would be a purchase for HMDA.

We did a single advance loan with a 5 year term for construction of the beach house. Which property should I report to hmda?

The one securing the loan.

I blew past the construction part - got caught up in collateral different than subject property.

Some days it doesn't pay to get out of bed.