Catch 22 (Hard money prequal)
How do investors get a prequalification letter from a hard money lender without actually finding a property. For some time I have spoken with realtors that refuse to show properties to investors without a prequal letter. But then also lenders who will only issue a prequal upon reviewing the deal.
Its hard to estimate the value of the property without actually walking inside.
I have the 30+% down and a credit score of 760+ with minimal debt (few hundred dollars). Having to go the stated income loan route is proving to be difficult.
Any insight on how to bypass this road block would be greatly appreciated.