Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance Loan #1 MH Loan#2 Combine MH with Lot
Thread Options
#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?
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer.

Return to Top
Lending Compliance
#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: 47,530
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.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z