CRA and Income of Guarantor
Issue/Inquiry
The borrower is a newly-created entity that is purchasing a new facility for an existing business that will be guaranteeing the loan. The approval of the loan was based on the revenues of the existing business, and both the existing business and the borrower are owned by the same individual. Should the revenues of the guarantor be reported on the Community Reinvestment Act (“CRA”) Loan Register?
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