Answer:
In my opinion, a non-profit corporation fits under the broader umbrella of "any" corporation.
First published on BankersOnline.com 5/08/06
FIRREA Business Loan Exemption
Answered by:
Question:
FIRREA allows an exemption from a state licensed or state certified appraisal for business loans of $1M or less that are not dependent upon the sale of, or rental income generated from the collateral real estate as the primary source of repayment. A "business loan" is defined as an extension of credit to "any" corporation or other business entity. Would this exemption be applicable to a non-profit corporation (e.g., an incorporated church)?
print
share