how can you get 100k loan for 50k property?

来源: 于 2010-08-04 08:25:09 [博客] [旧帖] [给我悄悄话] 本文已被阅读：次

"I bought a property at $50k, I borrowed a 10 year term loan on this property for 100k at the rate of 5.5%"

How did this happen? any bank would give a loan like this? The property is only 50K, if not forecolure, maybe market value is 75K. How come bank will give a loan on this for 100K?