We made a loan to purchase a convenience store and restaurant and construct a feed and farm supply store. The property also contains 3 mobile homes and a hookup for a fourth. The land and stores appraised for $210,000 and the mobile homes for $10,000. Since the majority of the property is used for business does this keep it from being reportable on HMDA?

No, the loan is also to purchase and is secured by a dwelling(s). For HMDA reporting purposes if any of the loan proceeds are to purchase a dwelling and the loan is secured by a dwelling then the loan is a home purchase transaction for HMDA purposes.

It would not be reportable if you do not take a lien in the mobile homes.

ltacket - what's your call code going to be?

We did take a lien on two of the mobile homes but I thought a "mixed use" property went with whatever was determined to be the primary use of the property.

http://snipurl.com/kidi

Click on the above link. None of the UBB Codes are working for me.

HMDA help referred me to the mixed use property section of the guide, which I had already read. I'm leaning towards not logging it since it states that the standard for determining the primary use can be determined by the institution . They did not indicate that mixed use involves a single dwelling as opposed to multiple dwellings as suggested in the above link.

The mixed used property applies if it is all the same property (one building, bottom floor commercial, top floors residential) not for taking multiple collateral.

If you have more than one piece of collateral and any of it is HMDA reportable then the loan is reportable.