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Consumer Purpose or Business Purpose Loan?

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Question: 
If we are extending credit to a borrower to purchase farmland for personal use (over twenty-five acres), not to be income producing, secured by a duplex (investment property), would this loan be consumer purpose or business purpose?
Answer: 

Based on your description (for personal use) this would be a consumer purpose loan.

First published on BankersOnline.com 6/28/10

First published on 06/28/2010

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