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Call Report Code for Loan Secured by Ground Lease

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Question: 
We have a loan secured by a ground lease. The building on the property is not owned by our borrower. What call report code should this be reported under, is it considered a land loan since that is our collateral even though it is not vacant?
Answer: 

In my opinion, this would not be a loan secured by real estate. If the borrower defaults, you don't get the real estate, you become owner of the lease and get the lease payments. Without knowing the purpose of the loan, then which category it would fall to cannot be determined.

First published on 04/19/2020

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