Property developer structure

Hi all, just wanted to get your opinion on a potential structure that my firm is advising a client on.

In brief, my client is a property developer and given tightening of housing loans for new home owners, they are intending to create an SPV, financed by a line of credit, to purchase Cars of the potential home owners, which still have outstanding loan.

This would reduce the debt obligations, on paper, of the potential homeowners and improve chances of housing loan approval. During the period the housing loan application is being processed, generally 2 months, the car will be lease back to the owners. Subsequently the price of the housing loan would be marked up by the cost of purchase for the car plus a slight margin. Upon approval of the house the car will then be transferred back to the owners. Despite the housing loan being much higher and cumulatively more expensive, the loan would be stretched longer.

Understand that there is a risk that once the cars are purchased from the homeowners, there is a chance that they can have a change of heart given that they would be considered debt free on paper. Just wanted to get your opinion on the structure and how it can improved or would it even work? Appreciate your feedback