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#2250652 - 03/16/21 04:37 PM Reg Z?
banker-12 Offline
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Posts: 1,180
We have a 800,000 loan of which only $70,000 is consumer purpose. It is secured with a commercial building. REG Z applies, correct? even though the amount is over the REG Z exemption threshold, it is still secured by real property.

Thanks,

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#2250654 - 03/16/21 04:50 PM Re: Reg Z? banker-12
raitchjay Offline
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Joined: Oct 2009
Posts: 8,561
OK
If $730,000 of the loan funds out of $800,000 are for business purpose, then it wouldn't be subject to Z.
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#2250655 - 03/16/21 05:00 PM Re: Reg Z? banker-12
banker-12 Offline
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Joined: May 2007
Posts: 1,180
Ok. Thank You. So as long as majority of the proceeds are for business purpose, it's exempt?

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#2250656 - 03/16/21 05:04 PM Re: Reg Z? banker-12
raitchjay Offline
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Joined: Oct 2009
Posts: 8,561
OK
Yes.
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