I have a loan where the funds are being used to purchase an old school building. This building is currently being used as offices and will continue to be used as such for approximately the next two years. The ultimate plan is to convert the second floor into apartments in a few years.

I am thinking it is NOT reportable since the funds are not being used for the conversion of the structure, but soley for the purpose of purchasing the building.

Thoughts?

I agree with you that it is not reportable. Your loan is financing the purchase of a non-dwelling and your funds will not be used to convert the structure to a dwelling.

I agree with you, Luv2run and raitchjay, if your loan funds are not going to any of the renovation into apartments.

Thanks!