They’re asset-based, meaning the loan is secured by the property itself, and they often have quicker approval times but higher interest rates (think 10–15%) and fees.

Most hard money Lenders can't give you final approval without the property because they do an analysis to determine what their risk is. 

2) Are you pre-approved and have the down payment in your bank account?

i purchased the power flipper 3x and have not been able to get a deal approved.

Ask to see the approved final site plan for the first phase.

However, the journey has been anything but smooth, and we are now at a critical crossroads.Despite securing approval for our 42 townhouses, the soaring construction costs have made the project financially unfeasible.

Still having this same problem as of 1/28/2025.Just applied for a HELOC and was approved.

Also, be sure to check with the section 8 agency managing the tenants - sometimes if you pass on an additional cost like that they will no longer be eligible to live there if the rent and utilities exceed what they were approved for.

Plus, if you aren't able to get approved with what you've got now in terms of savings, credit, etc. you can learn on what you need to qualify so you know what to be working towards. 

Hello all,
I'm looking to buy my first multi-family. I have a large lump sum saved in an investment account for down-payment and any additional costs. I currently have no debt and make under $100k a year. Because of ...