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#2155104 - 11/28/17 06:54 PM Personal to Business Purpose
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,092
South
We had a bridge loan in which the customer bought new residence but had not sold old residence.

The old residence has not sold and we are now looking at a new loan to put the old residence on payments.

Do we treat this as investment property; i.e. commercial loan?

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Lending Compliance
#2155117 - 11/28/17 07:22 PM Re: Personal to Business Purpose beegee
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,281
Galveston, TX
What makes the fact that a person owns two homes a business purpose?
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#2155135 - 11/28/17 07:34 PM Re: Personal to Business Purpose rlcarey
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,092
South
Thanks!

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#2155176 - 11/28/17 08:52 PM Re: Personal to Business Purpose beegee
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,056
Toano, VA
Originally Posted By beegee
Do we treat this as...?
For what purpose(s)? Are you concerned with something other than the consumer protection regs?
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