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#1693600 - 04/27/12 09:19 PM Ln to individual to purch farm land - CD secured
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,288
Far from Calif
What call report code would you suggest on this one:
Borrower = individual
Collateral = CD
Purpose = purchase ag real estate

They assigned it a call code 3, but I'm not entirely sure that's right, and of course need to determine if it's a small farm loan for CRA. Seems like it should be. However in looking at what gets included I'm not sure.
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#1693618 - 04/28/12 01:09 AM Re: Ln to individual to purch farm land - CD secured CalifDreamin
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Because it is not secured by farm land it can't be call report line 1b. If it is to finance ag production it would be call report line 3. Type of collateral (other than farm land) won't change the reporting if to finance ag production.

If $500,000 or less, it would be CRA Type 2 (small farm).

What is the true purpose of the loan - is it purchasing farm land to be used as farm land, so for agricultural production? If the land won't be used for planting and it is not secured by the farm land, this may not qualify as small farm.
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