Does Reg. Z and RESPA apply?

Posted By: Bama Blondie

Does Reg. Z and RESPA apply? - 01/17/12 02:38 PM

Loan to purchase a Bed and Breakfast that will be borrower's primary residence. Majority of house will be uded for B&B. My thought is as house is currently operated as a B&B and majority of property is B&B, it would be a business loan and Reg. Z and RESPA would not apply. Thoughts? Thanks!
Posted By: Dan Persfull

Re: Does Reg. Z and RESPA apply? - 01/17/12 02:45 PM

I would agree. The primary purpose of this loan appears to be for a business purpose.
Posted By: Bama Blondie

Re: Does Reg. Z and RESPA apply? - 01/17/12 02:47 PM

Thanks!