I would like to know if a colateral based lender will lend 30,000 to 50,000 on a property that is worth 221,000. The problem is that my credit is really bad. I can purchase the property without any problems but i need money to renovate the property and i know the banks will not loan due to the risk. So what do i do in this situation?

The answer is yes. If the property is really worth this much.

And by that, I mean that the "as is" value is the one you represented. A good way to tell is answering the following question:

How much are you buying the property for?

If your answer is $50,000, then the property is worth $50,000.