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Updated over 7 years ago on . Most recent reply

Tavaris Little's profile image
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Tavaris Little
  • from Greenville, South Carolina
  • Member since Nov 23, 2016
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Tavaris Little's profile image
Tavaris Little's profile image
Tavaris Little
  • from Greenville, South Carolina
  • Member since Nov 23, 2016
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Tavaris Little
  • Greenville, SC
16
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Mortgage Brokers & Lenders

Does anyone knows about this type of loan

Tavaris Little
  • Greenville, SC
Posted
I was talking to someone who said that some people have gotten loans where part of the loan was cashed out. So, for example you qualify for 120k and got a house for 80k, you could get the other 40k in cash. Do you know what this person is talking about? Sent from my iPhone
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Nick G.'s profile image
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Nick G.
  • Investor
  • from Moorpark, California
  • Member since May 26, 2016
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Nick G.'s profile image
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Nick G.
  • Investor
  • from Moorpark, California
  • Member since May 26, 2016
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Nick G.
  • Investor
  • Moorpark, CA
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Nick G.
  • Investor
  • Moorpark, CA
Replied

Sounds like hard/private money to me. That wouldn't qualify as any purchase-money loan I've ever heard of, since the 40k isn't purchase-money. Maybe some sort of ultra-creative portfolio loan with a 40k hard money piggyback? I have no idea, sorry I can't be more help!

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