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#1500460 - 01/26/11 04:30 PM house into a lodge
Glo Offline
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Joined: Jul 2005
Posts: 394
Arkansas
I was asked about a commercial loan to a police assosciation of some kind that is to purchase one of our foreclosures to use as their new lodge. The foreclosure was previously a rent house. Since this house is not being used as a dwelling, can this be considered CRA?

Thanks in advance! smile

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CRA
#1500490 - 01/26/11 04:52 PM Re: house into a lodge Glo
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
As long as it is classified on the call report in the section for commercial loan secured by non-residential real estate.

I would classify it as such since the property is no longer a house. You might want to check if they have zoning approval to change the use.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
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