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New Business Loan App for the New Borrower?

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Question: 
I have an entity assuming the debt of another to purchase a residential property. Since the loan will be secured by a first lien on a residential dwelling, will I need a new business loan application for the new borrower? Our original business loan application specifies the original borrower.
Answer: 

Application processes are totally up to bank policy. Since you seem to require business applications, I am not sure why this situation would be any different from them applying for a new loan.

First published on 08/12/2018

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