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#2064960 - 02/18/16 11:34 PM Revenues for Loan to Individuals for an LLC
bOaty Offline
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bOaty
Joined: Aug 2006
Posts: 4,266
Chillin an grillin
I am struggling with which revenues to use in a situation where the borrower is an individual and the loan is for a piece of equipment for their wholly owned LLC.

The borrower doesn't have any income except for wages so would the gross sales from the LLC who isn't even a borrower be used?
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CRA
#2065069 - 02/19/16 06:26 PM Re: Revenues for Loan to Individuals for an LLC bOaty
JC (Darth HMDA) Offline
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JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
Bump
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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#2065668 - 02/23/16 10:58 PM Re: Revenues for Loan to Individuals for an LLC bOaty
Ryan Yager Offline
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Joined: Apr 2014
Posts: 21
IL
I come across this situation often and I always use the LLC revenue and have never had problems with it.

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#2067669 - 03/04/16 08:17 PM Re: Revenues for Loan to Individuals for an LLC bOaty
bOaty Offline
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bOaty
Joined: Aug 2006
Posts: 4,266
Chillin an grillin
Thanks Ryan. I have done the same at other institutions and never had any issues but my current FI has not traditionally handled it that way. I hate to change something that they have not been criticized for however, I'm having a hard time agreeing with not reporting the LLC income, I feel that this does not help with the purpose of CRA and identifying the business size that the institution is serving.
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