“Pre-qualification letter” for buyers to receive financials

lender profile

September 27, 2024

by a lender from Ohio State University in Columbus, OH, USA

I’ve talked to A LOT of searchers lately who have been asked to provide a personal “pre-qualification letter” from a bank in order to receive financials on a business. If you are in this boat or know someone who is, please reach out and I can help you with this request. Send me a message on here or email me redacted

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commentor profile
Reply by a professional
in New Hampshire, USA
99% of the time when a broker requires proof of funds it's not necessary (it's a bit of a trick question tbh). Many times I have been on a call with a broker and they have asked for proof of funds but I have managed to get all the info I need without showing them anything. Brokers will look to see if they can trip you up as it shows how experienced you are... for someone who doesn't know what they are doing or talking about it will create panic but if you aren't new to the game you will be able to jump the hurdle very easily and get past the matter.
commentor profile
Reply by a professional
from University of Southern California in North Palm Beach, FL, USA
Actuality, most people knowledgeable, such as brokers, know these prequalification letters are nonsense. What matters is the cash a potential buyer can show brokers, and sellers, and lenders, upfront, that they intend to use as a down payment.
commentor profile
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