Jake asked in Business & FinanceCredit · 5 months ago

If I was buying land could I apply for two loans at the same time?

Update:

Like if the lot was $ 49,000 and one bank gave me $ 21,0000 , could I immediately apply for a second loan the same day with another financial institution?

9 Answers

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  • Who
    Lv 7
    5 months ago

    course you can - but you have to declare to the second lender you already got a loan on the land - how much it is and how much the land costs (if you didnt that would be fraud)

    What they do about it is up to them

    you may get another small loan - you may not - what you AINT gonna get is another loan for 21k or anything like it

    depending on your contract with the 1st lender you MAY have to notify them of the second loan

    If this is the case and you dot tell them - they could terminate the loan and demand immediate repayment

  • Eva
    Lv 7
    5 months ago

    You can apply for 2, but you can't pledge the same land for more than 1 so you'll have to decide on which loan to take.

  • 5 months ago

    Simple answer: No.

    Complex answer: You can apply for two loans but legally you would have to disclose to both lenders that you were applying for two separate loans on the same property, which would in all likelihood scare off both lenders.

  • Judy
    Lv 7
    5 months ago

    not on the same land.

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  • 5 months ago

    Don’t get a lone. Pay it with cash or don’t bother

  • Anonymous
    5 months ago

    You would not get two.

  • 5 months ago

    You can, but once you buy the land with either of the loans, the second loan will get revoked since you cannot pace it as a primary lien and no bank will lend on land with s secondary lien. In addition, once you apply for the second loan, they will see the application on your credit report and follow up. More than likely any additional loans will put you over the debt to income ratio plus (again) open up the fact that teh second bank will not provide a loan as a secondary lien holder.

  • Judith
    Lv 7
    5 months ago

    You could but I doubt that the 2nd one would be approved since as soon as you apply for the 1st one it will show up on your credit report.

  • Anonymous
    5 months ago

    You could, but don't count on getting both

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