Lender refinanced two spec loans for additional 6 months in order to allow time for the properties to sell. Am I correct in reporting them both as purchases since we have satisfied and replaced the original notes?: Normally we would have renewed the loans, but for whatever reason, that didn't happen this time. Both homes have been completed and are awaiting contracts. By refinancing, the loans will no longer be exempt under the spec home provisions, correct?

That sounds like a short-term loan rather than a temporary loan to me.

Thanks, Randy.