There is limited information, but - IMHO - NO! But the bank's loan policy might be different.
The applicant has no savings/equity in the deal/money, so is getting 100% financing with the bank's full knowledge. (S)he, not only having no money will have to be paying both loans concurrently.
The 3 parts of a loan
Loan to value - 100%
Debt to income - 2 loans concurrently - make sure UW knows
Credit - no idea
Integrity. With it, nothing else matters. Without it, nothing else matters.