Looking for money, Vice President of our bank lied to us.

[Chris Marshall]

I need money advice, here's the situation. The banker my family uses and the one we used to get some money out of the equity in our house when we first were gifted it, told me we were pre approved for a loan to do a fix and flip in their lending area using the 60% equity remaining in our house. He knew full well that we both had just started our own companies earlier this year. And that we were looking to do fix and flips. He told us this wouldn't be a problem and that we were still pre approved for the loan. So we went out and earlier this week we found a property we liked put an offer on it and put it under contract. When we got our banker the information he wanted to finish up the loan (two months of bank statements and business books showing income) he tells us that they won't lend to us because they want at least one year taxes now. This banker is the Vice President of the bank he works at and he lied to us. Now we have a property under contract and don't have financing. If anyone has any ideas I'd love to hear it. I looked up hard money lenders in my area and there don't appear to be any. I'd like to use someone local that I could drive to and talk to in person but if there is anyone that the bigger pockets community trusts I'll use them at this point but then again I didn't run the numbers accounting for hard money since I was pre approved for conventional financing. Any ways if anyone has any ideas I'd love some input. Thank you

[David Song]

This is actually very common. The Vice President of the bank is nothing more than a sales person. He can not make the final call.