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#1859193 - 10/07/13 07:53 PM Purchase of Commercial Property
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
Customer is using a commercial, mixed use primarily commercial and second home properties to secure a purchase of a commercial pizza kitchen. HMDA Reportable? I am getting hung up on the second home being used as security. My brain is mushy today. Thank you!
Last edited by Bec; 10/07/13 07:54 PM.
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#1859200 - 10/07/13 08:00 PM Re: Purchase of Commercial Property Bec
RR Becca Offline
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RR Becca
Joined: Sep 2004
Posts: 5,249
out of the frying pan...
No, not if none of your proceeds are being used for the purchase, improvement, or refinancing (paying off of existing financing) on a residential property.
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#1859218 - 10/07/13 08:09 PM Re: Purchase of Commercial Property Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
Thank you so much.
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#1859382 - 10/08/13 02:36 PM Re: Purchase of Commercial Property Bec
Rendar, CRCM Offline
Junior Member
Joined: Aug 2012
Posts: 38
Indiana
Agreed, unless you are refinancing an existing loan secured by the second home to add funds for the purchase...then you would have a reportable refinance. As long as this is a new loan it would not be reportable.
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