Painfully basic question

[Jeff Ashachik]

Hey guys,

I am trying to learn more about hard money lending and I'm stuck on this very low level question that i'm almost embarrassed to ask. Almost.

What exactly does "Having a deal" mean?

I've been reading/listening about hard money lending and I hear a lot of "don't go to a lender without having a deal". Does this mean you have to have submitted and offer that's been accepted? or just a verbal agreement like "yea, I'll sell you my house for this much"? or just seeing a property that looks appealing on the MLS?

thanks! Can't wait to look back on this post and say "Wow, that's embarrassing"