The average build cost is nearly identical but the lower price range nets out 308 builds in ten years vs 303 with conventional algorithms. 

Let me guess - you never verified if they are a licensed PMC or if they have proper insurance.Do they even have a website with an Owner's & Tenant's portal?

If they wanted to send a hard money pre-approval for half of the purchase, then either A) the lender needs to confirm that they verified the borrower possesses the remaining cash to close, or B) the borrower needs to show proof of funds for the remainder.

You need to verify that the bottom of the foundation is below the frost line in your area, and that the freezing ground cannot lift any brick or masonry outside the house.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

We are in the process of screening a tenant which of course includes verifying rental history.

I received an almost identical letter from Texana Bank.

Some nuances to verify the primary residence part, but feel free to reach out if you have any questions.

However, it’s not the only way to get the qualification, it allows for Self and Homeowner declarations and documentation to add up experience, its just not as easy as an existing GC stating “he’s good to go”.Pursuant to Business and Professions Code (BPC) Section 7068, applicants’ experience must be verified by a “qualified and responsible person.”

Having not yet verified his income, he would well qualify.