Skip to content
GeoDataVision
Thread Options
#2064960 - 02/18/16 11:34 PM Revenues for Loan to Individuals for an LLC
bOaty Offline
Power Poster
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?
_________________________
HMDAHMDAHMDAHMDAHMDAHMDA

Return to Top
CRA
#2065069 - 02/19/16 06:26 PM Re: Revenues for Loan to Individuals for an LLC bOaty
Darth HMDA, CRCM, CAMS Offline
Diamond Poster
Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,387
CA
Bump
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

Return to Top
#2065668 - 02/23/16 10:58 PM Re: Revenues for Loan to Individuals for an LLC bOaty
Ryan Yager Offline
New Poster
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.

Return to Top
#2067669 - 03/04/16 08:17 PM Re: Revenues for Loan to Individuals for an LLC bOaty
bOaty Offline
Power Poster
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.
_________________________
HMDAHMDAHMDAHMDAHMDAHMDA

Return to Top