Updated over 9 years ago on . Most recent reply
A loan on equity
I have a property under contract right now that I am wholesaling. But in the process, a question has come up. The house is in livable condition and I wouldnt mind living in it myself if it were possible. The problem is that my credit is not good.
My question is whether a bank would lend money to buy a house for a price that is way under market value, even igf the borrower has poor credit? Just to put it in the extreme, say the house is worth 100k and you have a contract on it for 10k. Would't a lender give you 10k since it would be secured by an asset that is much greater in value?
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