My partner and I have an investor ready business plan and $100,000 in equity in the property. Can a loan be obtained using the equity as down payment?
Different lenders have different loan underwriting requirements. If you have real property with that much equity, the bank may accept it in lieu of a cash investment. There are a of "ifs" and "buts" that come into play. What is the loan for, the amount requested, other liens on the property, the resale time expected on the property, location, etc. The bottom line is, you won't know until you ask.
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Different lenders have different loan underwriting requirements. If you have real property with that much equity, the bank may accept it in lieu of a cash investment. There are a of "ifs" and "buts" that come into play. What is the loan for, the amount requested, other liens on the property, the resale time expected on the property, location, etc. The bottom line is, you won't know until you ask.
