I’m $50k short on buying an apartment I like the look of. Not a lot, not a little.
A friend said he’d be prepared to loan me the money to help it happen. I appreciate the offer, but I don’t want an ongoing debt to a friend.
If I bought the apartment, would I be able to approach a bank for a personal loan to repay my friend?
Kind of a backwards way of getting myself into a mortgage because I have a poor employment history and am looking at particularly small apartments which don’t necessarily meet mortgage minimums.
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I’m no expert, but I’m sure any bank will look at how much you have in loans, total. I don’t think there’s a way around it so that lenders will let you take on more debt in total than their standards allow.
