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#1778006 - 01/18/13 05:40 PM purchasing rental property-building & tri-plex
Glo Offline
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Arkansas
I was asked about a loan that is to purchase commercial real estate and secured by the real estate. The real estate involves a commercial building(not for dwelling purposes), and a tri-plex(for dwelling purposes). Would this be considered HMDA because of the tri-plex?

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#1778025 - 01/18/13 06:02 PM Re: purchasing rental property-building & tri-plex Glo
raitchjay Online
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OK
Yes. Assuming your security is the tri-plex as well and not just the commercial RE.
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#1778026 - 01/18/13 06:03 PM Re: purchasing rental property-building & tri-plex Glo
Glo Offline
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Joined: Jul 2005
Posts: 394
Arkansas
Thanks so much!

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#1778269 - 01/18/13 11:13 PM Re: purchasing rental property-building & tri-plex Glo
hmdagal Offline
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If this is one property, you'll need to review the mixed-use property rules to determine if the property is primarily commercial or residential.

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#1778360 - 01/21/13 09:56 PM Re: purchasing rental property-building & tri-plex Glo
raitchjay Online
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Originally Posted By: Glo
I The real estate involves a commercial building(not for dwelling purposes), and a tri-plex(for dwelling purposes). ?


Hmdagal...i've always interpreted the mixed-use section to be referring to mixed-use within a building (yes, i know the term "property" is used in the GIR). If, in theory, there's a commercial property and a tri-plex all on the same lot, or legal description, etc. are you saying the mixed-use test would still apply? What i recall reading about mixed-use in the GIR (and i'm home right now, so i can't quote anything here) refers to square footage etc. and the implication (if not outright wording) seemed to indicate you are dealing with a "building". After all, a "dwelling" is a dwelling and that's why there's a mixed-use test, right? To determine if a building meets the definition of a "dwelling" and if there's a tri-plex that's used only as a dwelling, i wouldn't think it matters if it sits on the same lot as a commercial building. (Just trying to draw a distinction between where a building contains both a commercial part and a residential part and a situation where 2 buildings exist at the same location, one exclusively commercial and one exlusively residential.) Not trying to be confrontational here; your post just made me think and i'd like to hear your thoughts. Thanks.
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