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?
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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