If we have a loan secured by land that has a ground lease so we do not have the building would this be considered land only or improved real estate secured?

Since you would not have a security interest in the leasehold improvements, I am not sure how you can classify it as improved real estate.

Seems like even though we don't have the structure it would be hard to call it unimproved as well. I guess that is why it is so confusing.

Think of it this way. You have a lot and you let me rent it and I then put a mobile home on the property. You pledge the lot for a loan. Is the property improved because I have my mobile home on the lot, which is my personal property?

That makes sense but I know from conversations with call report analysts mobile home parks are considered improved even though no structures are taken. Would it make a difference if the property included the parking lot for the building?

Maybe - have you talked it over with your external accounting firm?