Do hard money or private lenders give pre-approval letters?
My concern lies in being able to make offers fast.
So my broad goal is to find and rehab properties to rent out, then refinance to get my cash and new equity out after 6 months. I want to grow a rental portfolio with all properties ultimately in traditional mortgages.
I'm not sure what type of lender I'll ultimately go with, and am learning more about each. I understand I'll need a pre-approval document from a lender to make any offers on any deals.
Do I only obtain this from the lender once I bring them a deal I've structured?
Or can I get a more universal, conditional pre-approval letter beforehand so I can make an offer quicker?
How does this typically differ with each type of lender?
Thanks in advance.