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Updated over 3 years ago,
Questions about an offer
Made an offer on a portfolio yesterday. It is 54 doors. It was accepted but they want proof of financing first. Then (and only then) they will release the tax returns and maintenance reports and allow me to inspect them. My question is this: How can I get pre-approved for a loan when I cant give the bank any pertinent info as regarding the risks they will take? This is my very first loan like this so I dont even know if my banks will even lend on it. I am sure I can find one but how to approach them with this property?
"Hey Banker buddy? Can you loan me a few million please? I promise it's a good deal. Give me the money and you'll see."
Every lender I know wants to get some financials on the property. I hope maybe BP Nation can give me a little advice.