Pre- Approval or Pre- Qualification for a Cash Out Refi (BRRRR)

[Vittorio Rendor]

Hi Everyone,

I'm attempting to do a BRRRR strategy, and just spoke to my hard money lender and he wants a pre-approval from a local bank/credit union for the cash-out refi before lending the ST financing (which makes sense)

I spoke with 3-5 banks and it seems like there is no pre- approval process if you still don't own the property. I'm not sure how to communicate to it to the banks, how do you guys suggest I move forward with this? Is there a better way to ensure the back-end financing before purchasing the property?

Thanks,

Vittorio