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#2265449 - 01/28/22 08:26 PM Property Value to report
Melissa S Offline
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Melissa S
Joined: Jan 2015
Posts: 308
Maine
I am reporting a commercial loan used to purchase business equipment because a the refinance of commercial loan to the same borrower is being wrapped in. The loan being refinanced and the new loan are both partially collateralized by the owners personal residence.

I am reporting the full LTV that was relied on in making the decision, even though equipment was incorporated in that calculation.

Now.... i couldn't find in regs what was considered the definition of property for the category "PROPERTY VALUE". Am I supposed to be using only the value of only the residential property collateralizing the loan (which would make one wonder where in the world the LTV came from) or am I using the value of ALL property collateralizing the loan, including equipment.
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#2265452 - 01/28/22 08:40 PM Re: Property Value to report Melissa S
raitchjay Online
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Joined: Oct 2009
Posts: 8,771
OK
I would report the entire value of everything securing your loan. While it doesn't go into a lot of detail, and doesn't directly discuss this scenario, it says "property value", not "REAL property value" or "DWELLING value". Equipment and other personal property is still PROPERTY.
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#2265453 - 01/28/22 08:43 PM Re: Property Value to report Melissa S
Melissa S Offline
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Melissa S
Joined: Jan 2015
Posts: 308
Maine
Perfect. Thank you much raitchjay!
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