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Updated almost 4 years ago on . Most recent reply

User Stats

154
Posts
54
Votes
Toben B.
  • Investor
  • Tulsa, OK
54
Votes |
154
Posts

Looking for a PreApproval letter on commercial property

Toben B.
  • Investor
  • Tulsa, OK
Posted

Hello,

I have a broker that wants a pre-approval letter prior to releasing the financial details of the property for sale. 

Although I think this is backwards, I can't really move forward without a letter and the location is prime so I want to learn more. 

Asking price is $1.5M and I can provide a 20% down payment assuming the financials make sense. 

This is a lakefront Mobile Home park.

I have a banker that provided me a letter on an apartment complex I purchases, but he will not underwrite parks.

Can anyone point me in the right direction?

Thanks in advance!

Most Popular Reply

User Stats

126
Posts
121
Votes
Blake Park
  • Real Estate Agent
  • Columbus, OH
121
Votes |
126
Posts
Blake Park
  • Real Estate Agent
  • Columbus, OH
Replied

Hi Toben, 

I work with many investors in Columbus and out of state, I only ask for a pre-approval from my investors when they are about to write an offer. however, some people would like it before they release the info to know that you are a serious buyer. I would keep calling different banks till someone can do it.

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