Are there alternatives to pre-approval ?

[Clarence Watkins]

I recently closed a multi family refinance deal. As a retired person I didn’t have many financing options for a difficult commercial deal and had to pay higher financing costs. Other than having cash on hand and absent a pre-approval from a lender for a specific deal, how does an investor take quick advantage of a purchase opportunity?

[Chris Mason]

Originally posted by @Clarence Watkins:

I recently closed a multi family refinance deal. As a retired person I didn’t have many financing options for a difficult commercial deal and had to pay higher financing costs. Other than having cash on hand and absent a pre-approval from a lender for a specific deal, how does an investor take quick advantage of a purchase opportunity?

In the commercial financing world, preapprovals don't exist, it's all property specific. The good news is that commercial real estate agents don't expect a preapproval, they already know this. A "letter of intent" with proof of down payment funds is more the norm.