Learn More - Click Here!

New Reply Thread Options
#2256846 - 07/19/21 01:11 PM Right of Rescission question
Anonymous
Unregistered

We have a business purpose loan to an individual to purchase an apartment building, We will secure the loan with the apartment building they are buying and another second commercial apartment building they already own and a third being their principal residence. Am I interpreting 1026.23 correctly. This credit extension would not require the right of rescission on the customer's principal dwelling. I apologize for the question, I get so confused when the loans are not consumer. Appreciate the help.

Return to Top Reply Quote Quick Reply Quick Quote
#2256848 - 07/19/21 01:18 PM Re: Right of Rescission question Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
A business purpose loan (outside of some limited card card rules) is totally exempt from all Regulation Z requirements.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2256851 - 07/19/21 01:52 PM Re: Right of Rescission question Anonymous
Anonymous
Unregistered

Thank you very much

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale