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Updated almost 8 years ago on . Most recent reply

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Jonathan Pluviose
  • Elmont, NY
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Pre-approval Package prior to LOI?

Jonathan Pluviose
  • Elmont, NY
Posted
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

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Anthony Gayden
  • Rental Property Investor
  • Omaha, NE
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Anthony Gayden
  • Rental Property Investor
  • Omaha, NE
Replied
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.

  • Anthony Gayden
  • Podcast Guest on Show #21
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