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#2257832 - 08/06/21 08:53 PM Short term loan
Nicole Offline
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We have a borrower who wants to purchase vacant land and plans to build primary residence in about a year pending the sale of current home. Are we allowed to do a short term ( 1 year) loan to allow sale of current home?

Thank you!

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#2257833 - 08/06/21 08:54 PM Re: Short term loan Nicole
raitchjay Offline
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OK
Sure, unless state law somehow has something to say otherwise, which i highly doubt.
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#2257838 - 08/06/21 10:01 PM Re: Short term loan Nicole
Andy_Z Offline
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Another thought, ensure your loan policy allows for this. Depending on how you structure it, the loan can certainly be done, but ensure it complies with your designated/desired loan products.

Don't come back and add that the has never done this before but this is for a director... Then we're into potential Reg O issues.
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