Consumer Plus LLC as Borrowers

Posted By: Anonymous

Consumer Plus LLC as Borrowers - 09/11/14 08:18 PM

We have a loan request to purchase a 1-4 family dwelling, rehab it, and then sell it. The applicants are an individual plus a LLC. Would this fall under new appraisal flip requirements under Reg Z? Also, should we take a 1003 application since one of the borrowers is a consumer?
Posted By: Anonymous

Re: Consumer Plus LLC as Borrowers - 09/11/14 08:19 PM

Anon2 sez: How is this individual businessperson a consumer?
Posted By: rlcarey

Re: Consumer Plus LLC as Borrowers - 09/11/14 08:43 PM

Well, they might be an individual, but whether this is a consumer purpose loan or not would be the question.
Posted By: Kathleen O. Blanchard

Re: Consumer Plus LLC as Borrowers - 09/11/14 11:40 PM

Individual does not = consumer if purpose is not consumer.