Had an odd situation pop up. We have a borrower that had a construction loan for $500,000. Upon completion, we did a secondary market loan for $400,000 secured by the home constructed. We also did a $100,000 loan to pay off the rest of the construction loan; however, this $100,000 loan was for 12 months and secured by the borrower's prior residence that will be sold to pay off the $100,000 loan.
What is the HMDA purpose on this 2nd loan? Purchase because it is still funds used to payoff the construction loan or Other? This was a head scratcher for sure...
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How long until retirement??