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#642267 - 11/27/06 02:14 PM Temporary Financing or Not
donna.raisor Offline
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Joined: Sep 2004
Posts: 554
Have a loan for 8 months to finish remodeling a house. The loan will be paid off either from the sale of the property or financing through secondary market, HMDA or NOT?

Thank you

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#642297 - 11/27/06 02:54 PM Re: Temporary Financing or Not donna.raisor
bubs63 Offline
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bubs63
Joined: May 2003
Posts: 665
Highland Park IL
Is this a construction loan? Will you be doing the end financing?
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#642305 - 11/27/06 03:08 PM Re: Temporary Financing or Not bubs63
donna.raisor Offline
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Joined: Sep 2004
Posts: 554
No we will not be doing the permanent financing and it is to finish remodeling of the home.

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#642313 - 11/27/06 03:16 PM Re: Temporary Financing or Not donna.raisor
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,645
Bloomington, IN
Which is the primary source you are looking to for repayment? If you are looking at the sale of the property to be the primary source and refinancing the secondary source I would report it as a HI loan. If you are looking at refinancing as the primary source of repayment and the sale of the property as the secondary source I would classify it as temporary financing.
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The opinions expressed are mine and they are not to be taken as legal advice.

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