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#1880943 - 12/23/13 03:33 PM HMDA - Condo leased to business
MarieF Offline
Junior Member
Joined: Nov 2011
Posts: 28
Texas
We made a loan to an individual to purchase a condominium. The condominium is being leased to a corporation. Should I report as a purchase or not report since it appears the condo is being used for business purposes?

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#1880967 - 12/23/13 04:34 PM Re: HMDA - Condo leased to business MarieF
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Is this a residential condo or a commercial condo? What business purpose is the condo being used for?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1881031 - 12/23/13 06:55 PM Re: HMDA - Condo leased to business MarieF
MarieF Offline
Junior Member
Joined: Nov 2011
Posts: 28
Texas
Residential condo, principal of the company will stay in the condo when he is in that city for business purposes

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#1881034 - 12/23/13 06:59 PM Re: HMDA - Condo leased to business MarieF
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
I would treat that as a business purpose loan, since the business determined this was financially more advantageous than paying for hotels when in that location on business travel. The travel expenses are business expenses. It is not the principal's home.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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