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Reply To: Bridge Loan?

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#12561

jholzknecht
Keymaster

I am not aware of any provisions that would prohibit making the loan you describe. I agree with your analysis that the transaction is not covered by the ability to repay rules.

You mentioned that the loan is secured by the existing dwelling, which is apparently the consumer’s principal dwelling. Rescission applies.

It appears you have done a good job analyzing the loan.