So you've finally found a house that is ripe for investing. Congratulations! But, now, you may be wondering — what do I do next?
One of the first steps in your journey to flipping success is to secure the property. Unless you are negotiating directly with the homeowner, that means you’ll need to furnish a proof of funds (POF) letter.
What is a proof of funds, you may ask?
It is basically a letter from a third party vouching for the fact that you have access to sufficient funds to actually purchase the property. That makes sense, right? The homeowner and their real estate agent or broker want to make sure that you are a serious buyer.
Where can you get a proof of funds letter?
If you already know where you will secure financing for the project, then that entity should be able to provide a letter to you. If you’re considering a hard money lender, you should be aware that many will only provide a generic letter, if they provide one at all. Some will even charge a fee for the POF. There’s a reason they call it hard money.
Here at Navigator Private Capital, we have a different philosophy. We do what we can to make the loan application and approval process as easy and straightforward as possible. That means providing you with a Proof of Funds letter that you can customize and download for FREE!
That’s right— it’s FREE!
Just sign up as a member on our website and get immediate access to the POF and a host of other useful materials.
Of course, the proof of funds letter is a non-binding document since actual loan approval will depend on many things including an acceptable appraised value and mutually agreeable terms. Our clients can fill out a full application and submit all of the required documentation right on our website to generate a more specific conditional loan approval. It’s that simple.
Questions? As always, we here at NavCap are ready and willing to help you anyway we can. Reach out to us at 888.444.3160 or via email at info@gonavcap.com.