A Rishel Consulting Group client has just informed us that a state regulator is now including it in their examination as well.Chattel Lender’s ResponsibilitiesLike all compliance issues, the lender must include SCRA into their Compliance Management System with a written Policy and Procedure Manual adapted by their Board of Directors or their Managing Partner(s), a training program for employees expected to assist in the compliance effort, and regular audits to make sure the program is achieving the goals set forth in the Policy and Procedure Manual with corrective action when necessary.

That would also be why a board of directors who are seasoned would make a lender feel more at ease.Am I understanding this correctly?

I'm an agent here in Austin and the Director of Marketing for the same firm.

I'm currently the Director of Business Development for an Everett-based commercial general contractor and have been involved in construction for over 20 years.  

The tax code states that there can be no direct or indirect benefit between a plan and a disqualified party, in either direction.  

(By the way I alway hear there is a high bar for this, but I've never seen proof of such, in fact there is a whole line of insurance "directors and officers" dedicated to this risk).

John Landmark Other things you need to consider regarding HOAs are the following: the amount of Capital Reserves; the ration of owners to renters (this ratio should not exceed 10%); the roller coaster behavior, of the Board of Directors (the mindset of Boards vary from year to year that effect Rule Enforcement and Capital Improvements).

I'm partner-director of a full licensed property management company in Miami, Lodging Home.

@Kyle DoneyIf the 401k was involved in the deal, it would need to be 100% the 401k's deal and John could not have used personal funds or done any of the work on the project.IRS rules surrounding IRA and 401k investments in real estate dictate that all plan transactions must be done at arm's length, and there can be no direct or indirect benefit between the plan and a disqualified party.  

I studied Finance, Accounting and Real Estate, and am currently working as a Director of Finance for a Healthcare company and really love my work.