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#392445 - 07/27/05 08:02 PM Loan #1 MH Loan#2 Combine MH with Lot
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Loan #1 will be used to purchase MH that will be principal residence within a few weeks.This loan will not involve any land and is also temporary financing (maybe a couple of weeks). We are then going to do Loan #2 which will pay off the MH, pay for MH set-up & purchase the lot for the MH. Will we need ROR on Loan #2?
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#392446 - 07/27/05 08:18 PM Re: Loan #1 MH Loan#2 Combine MH with Lot
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
For 2 weeks, why not do this all in one transaction?

Anyway to answer your question, no. These transactions will qualify as RMTs IMO.
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