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#315305 - 02/11/05 02:51 PM Another mixed use question.
RR Becca Power Poster Joined: Sep 2004 Posts: 5,249 out of the frying pan...	I have two loans secured by a building that contains both a retail store and an 8 unit apartment complex. One loan is for the purchase of the apartments (I know that one's HMDA) and the other is to purchase the retail store (not HMDA). My question is: would the second loan to purchase the retail portion be CRA small business even though the collateral includes the apartments? TGIF! _________________________ You call it ADD. I call it multi-tasking.
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#315306 - 02/14/05 03:38 PM Re: Another mixed use question.
RR Becca Power Poster Joined: Sep 2004 Posts: 5,249 out of the frying pan...	Nobody wants to guess? _________________________ You call it ADD. I call it multi-tasking.
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#315307 - 02/14/05 11:20 PM Re: Another mixed use question.
Sisyphus 100 Club Joined: Jun 2004 Posts: 214 Connecticut	Why is this being done with two loans? _________________________ Michele A. Johnson, Compliance Manager Integrated Compliance Solutions, LLC
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#315308 - 02/15/05 02:18 AM Re: Another mixed use question.
CRAatBOK Power Poster Joined: Mar 2004 Posts: 6,172 Further South than I wanna be.	Because Becca's loan officers have a contest to see who can drive her crazy first. _________________________ Life is not the way it's supposed to be. It's the way it is. The way you cope with it is what makes the difference.
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#315309 - 02/15/05 01:43 PM Re: Another mixed use question.
RR Becca Power Poster Joined: Sep 2004 Posts: 5,249 out of the frying pan...	Quote: Because Becca's loan officers have a contest to see who can drive her crazy first. EXACTLY!!!! The borrower is keeping the financials for the jewelry store and apartment complex separate and therefore wanted the loans to be separate. Unfortunately, since it's all one building (although with different addresses), the collateral couldn't be divided so neatly. _________________________ You call it ADD. I call it multi-tasking.
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#315310 - 02/15/05 02:45 PM Re: Another mixed use question.
RR Becca Power Poster Joined: Sep 2004 Posts: 5,249 out of the frying pan...	More proof that my LO's are out to get me: Since when does buying the 2 acres next door to keep your grandkid's pony on qualify as a small farm loan??? ARGH!!! _________________________ You call it ADD. I call it multi-tasking.
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#315311 - 02/15/05 08:40 PM Re: Another mixed use question.
CRAatBOK Power Poster Joined: Mar 2004 Posts: 6,172 Further South than I wanna be.	It doesn't. It is a consumer purpose loan, I think it is refered to as a "hobby farm". How many of these nuts do you have to deal with? Think the bank would notice if they began to "go missing"? _________________________ Life is not the way it's supposed to be. It's the way it is. The way you cope with it is what makes the difference.
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#315312 - 02/16/05 03:53 PM Re: Another mixed use question.
RR Joker 10K Club Joined: Nov 2002 Posts: 20,656 The Swamp	Quote: It doesn't. It is a consumer purpose loan, I think it is refered to as a "hobby farm". How many of these nuts do you have to deal with? Think the bank would notice if they began to "go missing"? Waaaaaaaaaaaaaaay tooooooooooo many! _________________________ My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#315313 - 02/17/05 08:36 PM Re: Another mixed use question.
HRH Dawnie Power Poster Joined: Aug 2002 Posts: 7,353 Anchorage Alaska	Becca I would take that first deal as a type 3 to be safe. You have residential real estate as collateral even though you have two deals. (They're cross collateralized?) If you didn't collateralize the realestate on the jewelry store deal, different story, but it sounds like that's not the case. The "pony farm" for gads sake just go smack the lender and change that puppy or pony to a consumer deal. _________________________ Dawn Coursey VP/CRA Queen CRA Rating is in...Oh who cares...I'm home with the baby.
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