is it possible to get a loan against the $100.000 in the bank and double it, and still be able to use the first $100.000 that was in the bank?
2006-09-19 06:09:40 · 5 answers · asked by BIGSKELTER 1 in Business & Finance ➔ Personal Finance
Not if the money in the bank is the only collateral for the loan.
Otherwise, you're talking about trying to get an unsecured loan.
2006-09-19 06:12:44 · answer #1 · answered by RT 5 · 0⤊ 0⤋
If you put the money up to secure a loan the bank will freeze that money till the loan is paid off which brings me to ask the question, why not just use what you have rather than getting a loan? It is pointless unless you are only looking to pump up your credit report.
There is one example of this being done in a legal fashion. If you go to a broker and deposit the 100,000 and then buy stock with it, you my then use the brokers money to purchase anohter 100,000 dollars worth of stock. That is the only example I can think of where you can do that legally.
2006-09-19 13:24:30 · answer #2 · answered by john d 3 · 0⤊ 0⤋
I know someone who issued a check from one bank to another to try to do what you are talking about. He will be eligible for parole in November. If you go to the bank and ask to borrow against the $100,000, they obviously will put a freeze on the account to keep the collateral safe.
2006-09-19 13:18:23 · answer #3 · answered by mattapan26 7 · 0⤊ 0⤋
Sure, you can get all kinds of loans using that as collateral. Then you can spend either amount as you wish. But you will prob have to start making payments right away on the loan.
2006-09-19 13:18:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Almost any financial expert will tell you, DON'T BORROW MONEY FOR CAPITAL INVESTMENT.
2006-09-19 13:18:11 · answer #5 · answered by Albannach 6 · 0⤊ 0⤋