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#973403 - 06/11/08 08:11 PM Is this HMDA Reportable?
at CFB Offline
Member
Joined: Mar 2008
Posts: 98
IL
I have an LLC who is building an 8 unit apartment building and has come up short on funds. The LLC wants a $27,000 loan on a
3 yr balloon/10 yr amort to provide funds for the construction overruns of the 8 unit apartment complex and wants to secure the loan with a different 8 unit apartment complex. First, is this HMDA reportable? If so, is this improvement and I report on the apartment building being improved? The LLC further states that once the building is completed, he will either maintain the building or if the price is right, he would sell if a buyer came along. Any thoughts? Thank you!

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#973430 - 06/11/08 08:33 PM Re: Is this HMDA Reportable? at CFB
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,423
Bloomington, IN
It's reportable as a home purchase since it is to complete the construction of the apartment building and you report on the property securing the loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#973457 - 06/11/08 08:52 PM Re: Is this HMDA Reportable? Dan Persfull
at CFB Offline
Member
Joined: Mar 2008
Posts: 98
IL
thank you!

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