Posted By: Anonymous
Consumer purpose - 07/20/18 04:58 PM
Loan to an entity, cash out refi, more than half of the funds to pay off a divorce settlement, the remaining to refinance the existing loan and for repairs on a seven unit rental property with is to secure the loan.
Even though the loan is to the entity, would this be consumer purpose since the majority of the funds are being used in a personal matter, or not based on the borrower being the entity and the collateral being a multifamily?
Even though the loan is to the entity, would this be consumer purpose since the majority of the funds are being used in a personal matter, or not based on the borrower being the entity and the collateral being a multifamily?