Proof of funds - portfolio lending = cash?

Proof of funds - portfolio lending = cash?

Flipper/Rehabber · Tampa, FL · Member since 2020 · 38 posts · 18 votes

Hi BP!

I have been researching the different financing methods, and would prefer to use portfolio lending for its better rates on my first flip. I have roughly 60k liquid available as a down payment if needed, and the lender I spoke to qualified me for decent rates, etc.

My questions are:

1. Does a portfolio lender preapproval letter count as cash when searching leads?

2. When searching leads, what keywords tell you they'll accept portfolio lending? (if PL doesn't =cash)

3. Depending on answers 1&2, is hard money lending usually the foot in the door for beginners low(er) on cash?

4. Do I need to ask for a preapproval letter each time I want to make an offer, or can I use one to submit for multiple leads to save time?

I want to avoid following leads that want different financing than I can offer (or know I need to pursue different funding), or bothering the lender all the time if one letter suffices for multiple offers.

0Reply
12 views

No replies yet. Be the first to reply to this discussion.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.