Updated over 6 years ago on . Most recent reply
Getting a hard money lender to approve a loan.
I've been asking questions and getting much appreciated help,thanks for the love you guys!!
Now I recently asked if I should get pre-approved before making an offer to an agent on a property for a flip? I'm mostly getting yes,as in I should get some type of approval for funding beforehand. Okay understood.
Now when it's comes to getting the loan from a HML, isn't it true they want to know in detail your plans for the property or an overview of the whole deal before approving? How can I make a pre approved offer without the bank knowing repair costs and all the other costs?Wouldn't I need to see the property first to get an estimate on repairs. Will an agent let me see n estimate my cost on repairs before an offer?
I'm confused.So I shouldn't make an offer without being approved buttt I can't get approved without proving a good deal. Can someone please help me clarify?