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#242605 - 09/09/04 01:21 PM spec loans

Simple question: Do spec loans need to be CRA reported?

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#242606 - 09/09/04 04:00 PM Re: spec loans
Lestie G Offline

Power Poster
Joined: May 2002
Posts: 3,606
Near the Land of Enchantment
Spec loans may mean different things to different banks. In my world, a spec loan is made to a contractor who is building a structure (usually a home) with no permanent buyer on board - he's speculating that he can sell it when it's done.

If that's what it means to you - and the borrower is building a home, then no - it's not CRA reportable.
Opinions my own.

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