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/
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.