Thread Options
|
#2054750 - 12/17/15 06:19 PM
Re: individual borrower, corporate purchaser - report?
ForceFull1
|
Power Poster
Joined: Apr 2001
Posts: 4,828
Between the lines
|
For a home purchase loan, you report the property taken as collateral. If you take multiple properties as collateral, including the property being purchased, then you report the property purchased. (Any one of them if 1 entry, unless you want to go with multiple lines on the LAR.)
_________________________
NOLA is my Beach!
|
Return to Top
|
|
|
|
#2054823 - 12/17/15 08:47 PM
Re: individual borrower, corporate purchaser - report?
ForceFull1
|
Member
Joined: Mar 2013
Posts: 67
|
But if the individual taking the loan to fund down payment isn't the 'purchaser' of the properties, how can it be a Purchase? Isn't this more like a gift situation?
|
Return to Top
|
|
|
|
#2054866 - 12/17/15 09:39 PM
Re: individual borrower, corporate purchaser - report?
ForceFull1
|
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
|
Originally Posted By ForceFull1 Individual is obtaining a loan secured by his residence to fund down payment for several 4-plex investment properties. The investment properties are being purchased by a corporation. Do the different entities involved negate reporting? Or do we still report?
If we changed the OP's scenario to read this way:
"Individual is obtaining a loan secured by his residence to fund down payment for a home. The home is being purchased by his daughter."....wouldn't we call that a gift (and not report)? I think that's Colorado Girl's point (she can correct me if i'm wrong). If so, how is the original scenario different? I just see her point...not saying i (or she) is right......just seeking clarification. _________________________
Last edited by raitchjay; 12/17/15 09:40 PM.
_________________________
I'm fixin' to fix that.
|
Return to Top
|
|
|
|
#2054867 - 12/17/15 09:40 PM
Re: individual borrower, corporate purchaser - report?
ForceFull1
|
Member
Joined: Mar 2013
Posts: 67
|
I must be misunderstanding "The investment properties are being purchased by a corporation." I apologize, I thought that it sounded like an individual was funding or possibly 'gifting' the down payment for a corporation purchasing investment properties.
|
Return to Top
|
|
|
|
#2054877 - 12/17/15 10:08 PM
Re: individual borrower, corporate purchaser - report?
ForceFull1
|
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
|
IMHO, if you 'purchase' a dwelling, at the end of the transaction, you would own (at least partially) a dwelling. Otherwise, you aren't purchasing a dwelling; you're giving someone a gift of money.
_________________________
I'm fixin' to fix that.
|
Return to Top
|
|
|
|
|
|