Financing commercial in Iowa
I am thinking of putting an offer in on a multi-plex in Iowa. I'm originally from there but currently live in Oregon. I'm wondering how financing works for commercial properties. In oregon they base financing on the property you get and the income generated by that property, so you have to have an accepted offer before you can get financing. From what my agent tells me, you have to have a pre-approval in Iowa before you can offer on commercial. Can someone confirm/explain this?