Private Money Pre-Approval

[Gerald Thitchener]

I know this isn't a typical thing private money lenders do but, I'm looking for any private money lenders that would be able to give pre-approval of loan amounts prior to having a contract. The issue I'm running into is in order to get a house under contract I have to show proof of funds for cash offers. I have some cash to put towards deal and would feel a lot more confident knowing I have the rest pre-approved when offering cash offers. I know a lot of people say get it under contract then apply, but I'm retired military and I like to have all my ducks in a row to make the best impact. We are looking at rehabs that will have an ARV of $200k or less. Any suggestions would be greatly appreciated.

[Account Closed]

Gerald Thitchener

A pre-approval is specific to residential mortgages. You can ask a HML or PL for a proof of funds or a non-binding term sheet.

Depends on the HML whether they will actually give you one given most deals are under contract when financing is talked about.

I’m a HML FYI

Thanks
Jeff