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.
Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.