I have never pulled comps on a deal I funded. I do not ask for your ARV, your rehab budget, or your rent estimate.

That surprises people, because every other lender they have talked to starts there.

Do you know what a transactional funder is actually underwriting?

If you assumed it was the property, this post is for you.

Here is what I look at. What kind of transaction it is. Who is on each side and whether they are committed in writing. Which title company is closing it and whether they have been told. How long my money is exposed, and what happens to it if the deal falls apart on day three.

That is the structure. My money moves through the deal for hours or days and comes back out through the same title company. Whether the house is worth what you think it is worth does not touch my capital. Whether your end buyer is real does.

Here is the part I owe you. My approval is not a second opinion on your numbers. If I say yes, it means the transaction is clean, not that you bought well. I have funded deals that were structured perfectly and were still bad buys. That part is on you.

Experienced investors know this and get their own underwriting done before they call me. Newer investors hear yes from a funder and treat it as validation, and that is an expensive misunderstanding.

Who is checking your numbers, if it is not your lender?