Proof of funds and portfolio lending = cash?
Hi BP!
I have been researching the different financing methods, and would prefer to use portfolio lending for its better rates on my first flip. I have roughly 60k liquid available as a down payment if needed, and the lender I spoke to qualified me for decent rates, etc.
My questions are:
1. Does a portfolio lender preapproval letter count as cash when searching leads?
2. When searching leads, what keywords tell you they'll accept portfolio lending? (if PL doesn't =cash)
3. Depending on answers 1&2, is hard money lending usually the foot in the door for beginners low(er) on cash?
4. Do I need to ask for a preapproval letter each time I want to make an offer, or can I use one to submit for multiple leads to save time?
I want to avoid following leads that want different financing than I can offer (or know I need to pursue different funding), or bothering the lender all the time if one letter suffices.