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#736198 - 05/18/07 07:19 PM SHORT TERM
donna.raisor Offline
Platinum Poster
Joined: Sep 2004
Posts: 554
hAVE A BUSINESS PURPOSE LOAN WHERE THE PARTIES ARE PURCHASING A RENTAL HOUSE TO REHAB AND RESALE AND THE TERM IS FOR 6 MONTHS. THE LOAN WILL BE PAID OFF FROM THE SALE OF THE PROPERTY, HMDA OR NOT?

THANK YOU

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#736207 - 05/18/07 07:22 PM Re: SHORT TERM donna.raisor
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
It's a splash and dash loan. Reportable as a purchase.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#736506 - 05/18/07 09:36 PM Re: SHORT TERM Dan Persfull
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
Ditto on Dan...not that his answers need any verification!!!
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Take responsibility for your life.

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