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#2285049 - 05/29/23 06:10 PM Business LOC to Purchase, Rehab and Sell SFRs
Fiddlesticks Offline
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Joined: May 2015
Posts: 62
We have a LLC that wants a revolving line of credit to purchase, renovate and then sell the properties. I believe this would be HMDA reportable and if so, would we report the initial property securing the loan for the address fields?

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#2285050 - 05/30/23 03:32 AM Re: Business LOC to Purchase, Rehab and Sell SFRs Fiddlesticks
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
How is this set up? You make them a line of credit. What is securing the line of credit when the loan is made? When they do purchase a home, is that home added as collateral at that time?
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