Does a proof of funds letter from a hard money lender guarantee the loan when making offers?

[Michael Slabitcher]

If a hard money lender provides you with a POF letter in order to make offers, does this mean that if an offer gets accepted they have to provide the loan? Obviously hard money lenders have certain criteria the property needs to meet before providing someone with a loan. Let's say the numbers don't fall within the hard money lender's criteria. What happens at that point if the offer was accepted? Thank you in advance for your feedback.

[Jon Holdman]

When making offers using a HML the offer should be written as financed (not cash) and should include a financing contingency. A preapproval is not a guarantee you will get the loan.