Line of Credit on something you have under contract.

[Steven J.]

I've been having a discussion with another @David Battle about tax delinquent lists and land investing using the strategy of @Seth Williams. I was curious, say I get a piece of land under contract for 30 cents on the dollar but don't actually have the money yet. Can I go to a bank, explain what I have under contract with documentation, and get a line of credit or loan based on that alone? Obviously, a big bank would be hesitant, but would smaller local banks or credit unions be interested?