876 Ind. Admin. Code 2-14-7

Current through December 25, 2024

Section 876 IAC 2-14-7 - Income property loan underwriting

Authority: IC 25-34.1-2-5

Affected: IC 25-34.1-5

Sec. 7.

(a) The competency and instructional level for subdivisions (1) through (4) is Level 1. The following are concepts of income loan underwriting for existing property (project); factors examined:

(1) Borrower's credit history.

(2) Financial statements of the property (project); profitability.

(3) Property type, characteristics, and value.

(4) Loan terms.

(b) The competency and instructional level for new or proposed property (project) is Level 1. (Generally the same factors are examined as for an existing property except that financial statements are not available; thus, lenders rely on information obtained through a comprehensive market/economic feasibility study in making their decision.)

876 IAC 2-14-7

Indiana Real Estate Commission; 876 IAC 2-14-7; filed Dec 1, 1989, 5:00 p.m.: 13 IR 670; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA