If the loan doesn’t fund
If the never funds do to a issue with the business deal what happens the down payment give to the lender?
Thanks for your question. If you have a problem closing on a property because your loan doesn’t fund, the seller doesn’t get to keep your down payment. However, the seller may be entitled to keep any deposit that you put down on the property when you signed your purchase contract.
If this has happened to you, you may want to consider taking out a hard money loan so that you can close on your deal until you arrange more conventional financing. You can find out more about hard money loans here: https://fitsmallbusiness.com/hard-money-loan/
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