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Updated about 11 years ago,
Is it possible to get " pre approved " with a HML?
I've connected with a broker, a contractor, and buyers in Portland, OR. I have numerous properties lined up and investigated by my broker and contractor, and if I assume I can finance via a HML at terms quite often described in the BP forums, (70% ARV, 2 year contract, 15% etc.) I'm looking at multiple flips that will yield a very good profit if I use a formula created by my partners based on local knowledge and connections.
My partners are very busy people, and to tie them into these projects is to take them away from other opportunities, so out of consideration I'm trying not to make any moves I can't be 110% sure on.
The only way these plans move forward is creative financing, as my credit is currently extended (happily, I might add) and unavailable. Therefore I will be using HML or equity partners, and time being sensitive in these deals, I don't think I have the opportunity to properly screen new equity partners.
So, I'm about to move forward, but before I go calling every HML on the west coast, does anyone have any experience in pre-negotiating funding without disclosing actual property details to make sure a lender is the right fit?