Business Purpose Loan definition

Business Purpose Loan means a Mortgage Loan with respect to which (i) the related Mortgaged Property is non-owner occupied; (ii) the related Mortgaged Property is primarily used for business or commercial purposes.

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Business Purpose Loan means a mortgage loan for a purpose other than personal, family, or household purposes.

Business Purpose Loan. An Investment Property Mortgage Loan (that is not a Personal Use Loan) made to a Mortgagor secured by a Mortgaged Property that qualifies for the exemption set forth in 12 CFR 1026.3(a), and does not constitute “consumer credit” within the meaning of 12 CFR 1026.2(a)(12).

Examples of Business Purpose Loan in a sentence

Each Investment Property Mortgage Loan (i) satisfies all applicable criteria and documentation and disclosure requirements for an Investment Property Mortgage Loan as set forth in the applicable Underwriting Guidelines and all such documentation is complete, true and correct; (ii) is a Business Purpose Loan or a Personal Use Loan; and (iii) is not a Cooperative Loan.
Except with respect to any Business Purpose Loan, with respect to any Mortgage Loan for which the related loan application was taken by the originator on or after October 3, 2015, such Mortgage Loan was originated in compliance with the CFPB’s TILA-RESPA Integrated Disclosure Rule.
Upon discovery by a Seller of any breach of any representation and warranty listed on Schedule 1-A hereto with respect to any Purchased Certificate, Schedule 1-B hereto with respect to any Business Purpose Loan and any ReadyCap Origination Loan, as applicable, or Schedule 1-C hereto with respect to any Residential Loan, Sellers shall promptly give notice of such discovery to Buyer.
Each Transaction Notice shall clearly indicate whether each such Loan is intended to be a Residential Loan, a Business Purpose Loan or a ReadyCap Origination Loan, and shall include a Loan Schedule in respect of the Loans proposed to be sold to or owned by the related Trust represented by the related Purchased Certificate or the Certificate that a Seller proposes to include in the related Transaction.
Each Business Purpose Loan and ReadyCap Origination Loan, as applicable, complies with the representations and warranties listed in Schedule 1-B hereto.

More Definitions of Business Purpose Loan

Business Purpose Loan means a loan where the borrower intends to use the proceeds for any of the purposes listed in s. DFI− CU 72.02 (1).

Business Purpose Loan means a Loan originated by a Seller or the related originator for investment or commercial purposes and designated by such Seller as a “Business Purpose Loan”, which Loan complies with the representations and warranties listed on Schedule 1-B attached hereto.

Business Purpose Loan means any Loan, the proceeds of which were obtained by the related Borrower in order to acquire an interest in or carry on a business or commercial enterprise. "Buyer's MV Margin Amount" means, with respect to any Transaction as of any date of determination, the amount obtained by application of Buyer's MV Margin Percentage to the Repurchase Price for such Transaction as of such date. "Buyer's MV Margin Percentage" shall have the meaning assigned thereto in the Side Letter. "Buyer's Par Margin Amount" means, with respect to any Transaction as of any date of determination, the amount obtained by application of the weighted average of the applicable Buyer's Par Margin Percentage (measure by outstanding principal balance) to the Repurchase Price for such Transaction as of such date. "Buyer's Par Margin Percentage" shall have the meaning assigned thereto in the Side Letter. "Change in Control" shall mean after the initial Purchase Date hereunder the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of outstanding shares of voting stock of the related Guarantor at any time if after giving effect to such acquisition such Person or Persons owns fifty percent (50%) or more of such outstanding voting stock. "Change in Law" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by Buyer (or any Affiliate of Buyer) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. "Code" shall mean the Internal Revenue Code of 1986, as amended. "Collateral" shall have the meaning assigned thereto in Section 8 hereof. "Breakage Costs" shall have the meaning assigned thereto in Section 3(c) herein. "Collection Account" shall have the meaning assigned thereto in the Custody Agreement. "Collection Period" means the collection period reflected in the monthly loan data delivered to the Buyer, which period shall generally be the previous calendar month from the date on which such monthly loan data is delivered to the Buyer. "Committed Transactions" shall have the meaning assigned thereto in Section 4 hereof. "Computer ...

Business Purpose Loan. A Mortgage Loan that is an extension of credit primarily for a “business purpose”, as defined by 12 CFR 1026.3(a)(1)

Business Purpose Loan means a Mortgage Loan with respect to which the related Mortgaged Property is non-owner occupied and is primarily used for business or commercial purposes.

Business Purpose Loan means a loan that is (a) extended to a business, (b) evidenced by a valid promissory note, and (c) secured by a mortgage, deed of trust, or trust deed that grants a perfected first-priority Lien (or a second-priority Lien with respect to Second-Lien Borrowings) on residential or commercial real property.