After some research, the two areas that interest us are Vermont (probably near a ski area, Killington or Stowe) and the Smoky Mountain area. 

Winter can still do well but we are not quite close enough for any ski mountains. 

Is there a pre existing loan with that bank with either of you?

After some research, the two areas that interest us are Vermont (probably near a ski area, Killington or Stowe) and the Smoky Mountain area.

Additionally, it’s perfectly located with close proximity to both the ski slopes and downtownI received an email directly from the seller saying: 'I have changed my mind about the sale of my home and would like to terminate the contract.'

I purchased a ski condo and there isn't much to take pictures of immediately outside the condo.

Know that every long term lender will require a survey and if something comes up on it when you are trying to sell or refi, you could get stuck in hard money without an easy or quick way to get out.Is there a pre-payment penalty?

Points and the Delta on the spread.. in those days I was borrowing on my LOC's for about 7 to 8% apr.. and lending at 20% apr..

@Anthony Becerra I believe you are looking for a pre-approval letter.

Is this for props that have a foreclosure filing against them so you can get to the actual owners for a pre foreclosure purchase ?