Securing finances. Pre-approval loan

[Jordan Michaels]

Hi BP fam.  I am ready to start my investor career and the next step is to secure finances.  Any feedback or recommendations on a lender for a pre-approval?

[George Despotopoulos]

Awesome decision to make and best of luck!

Is this for hard money or a rental property?

Also, is showing income a factor. If it, then you're looking more at non-traditional lenders. 

I would start at local community banks and traditional lenders first. If for whatever reason you're having issues pre-qualifying or being pre-approved then more to credit unions. 

Finally there are hard money lenders or private lenders. Please note, criteria such as experience, credit rating, and LTV (most require you to put down 20%-25% of the purchase price) will play a role in your rate with non-traditional lenders. Proof of income will not be a requirement here.

Let me know and feel free to reach out with any questions.