Pre-approval obstacle with commercial loan
Hi all,
Wanted to see if anyone run into this issue and can offer advice. I'm working with commercial lender for financing and put in my first offer on a fix/flip property. Offer had financial contingency and our agent outlined the terms of our loan (6 month interest only note at prime +1%). upon sending the offer seller's agent requested that we provide a pre-approval which my commercial lender will not do until underwriting is complete. To start underwriting we need accepted offer...anyone dealt with using commercial loans when purchasing homes off MLS?
If any additional details are needed please let me know.
P.s. For this particular deal I got a personal pre-approval just to get things moving. I don't want to go this route in the future to avoid burning my credit score.
Max