Acquiring funding from a HML

[James Allen]

Currently I'm looking to get pre approved by a HML for about $150,000 so I can start making offers.

I reached out to a HML and they mentioned that I would need at least 30% of purchase price in cash and then also closing costs as well and that this was very common in the HML world. I currently have about $40k between 26.5k cash reserves and 13.5 k Personal LOC. I'm looking to purchase houses at between 150k-180k which she was saying I would need at least 55 k to get approved for a HML (45k for 30% of the $150k purchase price plus $10,000 in closing costs).

Is this normal for all HML or should I just keep shopping around until I find someone that will help?

Thanks,

James