Let's hear your thoughts on HOEPA and it's application to a purchase/rehab loan with a term of 12 months? The loan is 12 months, interest only for the purchase/rehab of a principle residence that will then be taken out by a secondary market broker.
I tend to think this meets the spirit and intent of the construction exemption, but it is not initial construction.
Thoughts? Because of the short term, the APR is naturally inflated.
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Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.
CRCM
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