Hard Money/Private Money Pre-Approval
I wanted to see if there is anyone that knows if hard money lenders provide pre-approved loans or proof of funds for investors, similar to how traditional lenders provide pre-approved mortgages which are pending final approval.
It seems as though I am in a catch 22 as we are currently in a competitive market when it comes to finding deals and that would provide a good return. A lot of the good value deals are major fixer uppers, foreclosures, or short sales which would not be eligible for conventional mortgages and the brokers require proof of funds before even considering your offer.
I wanted to see if anyone had a solution to this problem or if anyone knows of a hard money lender which can provide a pre-approval letter or proof of funds letter to facilitate a deal. Thanks all