I have a commercial borrower who requested a LOC to provide working capital needs for a business. The line is collateralized by the business assets (no real estate) of the business borrower, but also with an abundance of caution mortgage on a personal residence.
I understand that the abundance of caution does not negate the necessity of reporting, depending on the loan. Where this is for business working capital, not a home purchase line, a refi, or for home improvements, I am assuming this is not reportable as commercial loans do not report "other"?
Thank you.
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