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#2161213 - 01/20/18 05:35 PM Purchase land for future development
Bec Offline
Diamond Poster
Joined: Jul 2010
Posts: 1,115
The Great White North
If a borrower purchased commercial land for future developments, term is 12 months, that would not be CRA small business reportable correct? We have it coded as RC-C1.e Loans secured by Real Estate - non farm residential. My thought is that is should be coded RC-C.a.2? What do you guys think?
Go Packers

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#2161317 - 01/22/18 06:25 PM Re: Purchase land for future development Bec
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
If that is the intent, then I would agree - the Call Report instructions for RC-C 1.a2 indicate:

(2) Loans secured by real estate the proceeds of which are to be used to acquire and improve developed and undeveloped property.
Regulations are a poor substitute for ethics.
Just sayin'

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