Borrower is an LLC. A member of the LLC will be occupying the property as their PR. Report as code "1" under occupancy?
Posted By: Skittles
Re: Occupancy - 12/15/11 07:41 PM
Is the owner of the property also the LLC? If so, you would put a '2' as non-owner occupied. An LLC can't live in the property.
Posted By: Adam Witmer
Re: Occupancy - 12/22/11 02:59 PM
I agree with Duchess. A non-person cannot occupy a dwelling.
Also, keep in mind that you have to look at who is actually the owner of the property. If the home is in fact the member's house and he is placing the home up for collateral for the business loan, then it would be "owner occupied" as the business does not own the property, the member does. The question you have to answer is: "Who is the trueowner of the property?"