Lying about your intent is mortgage fraud.

When I called them and asked for specifics as to what was wrong, the LIED about it and made something up when they never even inspected the dishwasher.Needless to say I moved my properties, but the Specialized brand is forever ruined for me and I would stay away.  

I hope this illustrates where your priorities should be when forming your lender relationships and easy underwriting does not necessarily mean the lender is “investor friendly”.An “investor friendly” lender isn’t just about easy approvals and quick closes—true value lies in the relationship.

The real value lies in understanding how to interpret this data and knowing the right questions.

Where the letters aren’t outright fraudulent and lies, they are misleading, with the person selling or giving the proof of funds letter to the unqualified wholesaler doing zero due diligence on the property and at best stating that, technically, funds could exist and or be set aside for the purchase of the property,The practice, when used this way is meant to mislead, and those who ask for, give out, or receive, proof of funds letters in this way are not welcome here on BiggerPockets.The right answer here is to qualify for a loan on the property personally, and show this to a seller, or to be straightforward with the seller that you are in no position to buy the property personally, but will be wholesaling it for them. 

My passion lies in real estate investment, and I am currently working on becoming a successful real estate investor in the Halifax/HRM area.Growing up, I was fortunate enough to learn the ins and outs of the real estate industry from my father, who owned and managed 65 units.

If they will lie about that, they will lie about everything. 

Hence why you folks always say “the math doesn’t lie, it comes out the same.”  

We have been frauded and lied to on financing terms while they said they are a conservative underwriter. 

Usually the tax assessor for the town will have that number somewhere online.