Question: A developer borrows $ 2 5 0 , 0 0 0 to build an office building. The developer secures the loan with the equity in

A developer borrows $250,000 to build an office building. The developer secures the loan with the equity in a separate residential rental property. Does the Truth-in-Lending Act apply to this loan? A. No, because it is for more than $100,000.. C.No, because it is for a business purpose.Yes, because it is for less than $500,000. D. Yes, because it is secured by a residence.

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