Borrowers purchased some investment residential real estate outright in their personal names....last year. Then they improved the real estate with their own money to get it ready to lease out. Once the improvements were complete, they requested a cash out loan for the property's value. So....not improvement loan, not a refinance. However, in the process, they converted the loan to an LLC. So it appears to be a purchase based on the Settlement Statement. The LLC borrowed the money and gave the money to the individuals.
Is this a purchase or is this not reportable?
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The more you sweat in training, the less you bleed in battle.......