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#133408 - 11/21/03 10:02 PM CRA collections
Anonymous
Unregistered

You have a for-profit entity: If the purpose is repairs to rental property but the loan is unsecured, does this qualify to report for CRA?

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#133409 - 11/21/03 10:10 PM Re: CRA collections
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
It would get considered for the lending test assuming you are reporting it as a small business loan. But then you could not report it as a CD loan and get credit in that way. If you would want to try and get CD credit you need a whole lot more info, such as, proving the tenants are low to moderate income or the building is in a low to mod income census tract (but this is difficult to get credit for with just that info alone). Whether you borrower is non-profit or profit is of minor consequence. How does the loan benefit low to mod income geographies or people.
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