Overfinancing a deal

[Peter Schafer]

If I want to purchase a residential investment property, let’s say for $250k. Can I take out a loan for $300k and pocket the $50k? I understand it’s a little unorthodox, but is it legal?

[Account Closed]

Originally posted by @Peter Schafer:

@Wayne Brooks I simply asked if it was legal, Wayne.

 Wayne gave you correct the answer. Your response shows that either you're not serious or you are doing a paper for a class assignment. Or, in the unlikely event you try to actually do this you will put something on your loan application that is illegal and mortgage fraud. And that never turns out in your favor.