The Overlooked Laws That Apply To Business Purpose Loans
Law360 (April 4, 2019, 3:17 PM EDT) -- Business purpose loans are nontraditional mortgage loans where a borrower uses loan proceeds for a nonconsumer purpose. A nonconsumer purpose means any loan in which the proceeds are not primarily used for personal, family or household use. There is a common misconception that the primary question in making these loans is whether the property used as collateral is “owner-occupied.” But, the more important question is whether the loan’s purpose is truly a “business purpose,” rather than “consumer” in nature. The purpose of the loan is the decisive factor in whether the loan is exempt from most federal consumer protection regulations. Simply...
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