Getting a hard money lender to approve a loan.

[Mike Muniz]

I've been asking questions and getting much appreciated help,thanks for the love you guys!!

Now I recently asked if I should get pre-approved before making an offer to an agent on a property for a flip? I'm mostly getting yes,as in I should get some type of approval for funding beforehand. Okay understood.

Now when it's comes to getting the loan from a HML, isn't it true they want to know in detail your plans for the property or an overview of the whole deal before approving? How can I make a pre approved offer without the bank knowing repair costs and all the other costs?Wouldn't I need to see the property first to get an estimate on repairs. Will an agent let me see n estimate my cost on repairs before an offer?

I'm confused.So I shouldn't make an offer without being approved buttt I can't get approved without proving a good deal. Can someone please help me clarify?

[Caleb Jordan]

Originally posted by @Mike Muniz:

I've been asking questions and getting much appreciated help,thanks for the love you guys!!

Now I recently asked if I should get pre-approved before making an offer to an agent on a property for a flip? I'm mostly getting yes,as in I should get some type of approval for funding beforehand. Okay understood.

Now when it's comes to getting the loan from a HML, isn't it true they want to know in detail your plans for the property or an overview of the whole deal before approving? How can I make a pre approved offer without the bank knowing repair costs and all the other costs?Wouldn't I need to see the property first to get an estimate on repairs. Will an agent let me see n estimate my cost on repairs before an offer?

I'm confused.So I shouldn't make an offer without being approved buttt I can't get approved without proving a good deal. Can someone please help me clarify?

 You can usually get pre approved with most hard money lenders as an investor without an exact deal.They'll basically say with this sort of property and project we could give you a loan., we've checked you as a borrower and you meet our criteria. Most often they can provide approval letter as well.