Pre-Approval Letter - Hard Money Bankers

The "Pre-Approval" letter is a very powerful tool for an investor to use when making offers on properties. The letter itself is used to show the seller of a property that the buyer is approved for financing on their project. This means that the lender on the buying side is willing to lend the money for the purchase of the property. There is a formal letter given to the buyer to give to the seller when making the actual offer on the property. Investors will want a lender that can approve in the same day and send the letter within 24 hours. Speed is crucial when dealing with investment properties so if a lender drags their feet when qualifying a borrower or deal, the buyer will probably miss opportunity. Be sure to align yourself with the right lender that you know will give you the pre-approval letter when you need it.

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