Pre-approval Package prior to LOI?

[Jonathan Pluviose]

How do I go about getting a pre-approval? I don’t have a property under contract yet, but the idea I had is to present a minimum performance scenario. Basically agreeing with a lender that, if I find a property that produces certain numbers or better, then they’ll fund the deal post a formal inspections. My goal is to shorten my financing contingency, & be a more attractive first time buyer. Thanks J

[Anthony Gayden]

Originally posted by @Chris Mason:

You're mixing and matching 1-4 unit residential stuff with commercial real estate stuff.

Residential real estate doesn't use LOIs, and commercial real estate doesn't have preapprovals.

 That isn't exactly true . I have actually obtained a pre-approval letter from a commercial lender for a 10 unit multi-family that I was trying to buy a couple of months ago.