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#2290964 - 11/22/23 01:14 PM Temporary Financing
Love Cruising Offline
100 Club
Joined: Dec 2019
Posts: 207
We have a loan that is secured by a dwelling for a period of 12 month with interest only payment the sale of the property. Loan was on the books for just a few months. Is this reportable?

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#2290965 - 11/22/23 01:56 PM Re: Temporary Financing Love Cruising
Island Dreaming Offline
100 Club
Joined: May 2009
Posts: 231
midwest
Need a little more information: what was the loan purpose and what type of property is it (rental or personal 1st or 2nd residence)?
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#2290967 - 11/22/23 02:38 PM Re: Temporary Financing Island Dreaming
Love Cruising Offline
100 Club
Joined: Dec 2019
Posts: 207
Additional collateral being used in a business loan which included this personal property along with other commercial buildings.

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#2291033 - 11/27/23 03:17 PM Re: Temporary Financing Love Cruising
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,478
Bloomington, IN
Really hard to give an answer with such limited information.

We have a loan that is secured by a dwelling for a period of 12 month with interest only payment the sale of the property.

This sounds like the loan would be paid off with a the sale of a property. That would make it a short term loan and not a temporary loan.

Additional collateral being used in a business loan which included this personal property along with other commercial buildings.

This doesn't tell us the purpose of the loan. Business purpose loans, other than those secured by a dwelling for the purchase, refinancing or improvement of a dwelling, are exempt from HMDA.
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The opinions expressed are mine and they are not to be taken as legal advice.

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