We made a loan earlier this year to a business to purchase an investment property to rehab and resell. This loan was reported as a purchase.
We now have another loan as they needed add'l funds for the rehab.

Would this be reported again? And what would you say the purpose would be, home improvement?

Appreciate your help!

Yes, these will be two separate transactions. If the second transaction is reportable depends the structure of the transaction. Will it be dwelling secured? If yes, then it will either be reportable as a refi. (this loan pays off the first loan with additional funds for improvement) or as home improvement if the first loan is not being replaced.