Lake Worth, FL · Member since 2017 · 45 posts · 7 votes
I was asked to send pre approval letter in order to see a property, I'm not using a hard money lender, I have a PML. What should I do??
Thank you for your cooperation
Call a lender local or national doesn't matter. they have to run your credit, go over your income and assets to make sure it all falls within loan and lender guidelines. if you do, they will issue you a pre-approval letter for the price you are looking for.
I was asked to send pre approval letter in order to see a property, I'm not using a hard money lender, I have a PML. What should I do??
Thank you for your cooperation
"To whom it may concern, I am willing to lend Juan $100,000 to purchase 123 Main Street, valued at approximately $130,000. Juan has the remainder as a down payment. Attached, please see my proof of funds as his private lender."
@Juan Rubio whomever is lending the money will write up a letter for you. The letters are non-binding, so it doesn't guarantee they will even write the loan. That means the letter should be pretty easy to get.
You may wonder why people even require pre-approval letters if they are not a guarantee? It is basically a low level vetting process to make sure you have talked to a lender.