Before you make an offer on a house, we can put our answer in writing: a one-page Loan Pre-Approval Letter from Harvey Capital Funding LLC, written about that one property and addressed to the seller and the listing agent. It goes in with your offer.
The listing agent gets a financed offer with the lender's yes already on paper, and a phone number to confirm it. Here is what the letter says, what still has to happen before the wire, and how to use it when you write your next offer.
What the Seller Reads at the Top of the Page
The header carries four lines:
- Date
- Borrower: your name and your entity
- Subject Property: the house you are offering on
- Approved Purchase Price: the price we have approved for that house
The letter states the approved purchase price, not your loan terms. Your loan amount, term and points are not on it.
The opening paragraph tells the seller that Harvey Capital Funding "has completed its underwriting" of you and the property, and confirms that "financing is pre-approved up to the purchase price shown above." In four lines and one paragraph, the seller and the agent see the house, the price and your lender's answer.
The Four Statements the Letter Makes
Below the opening, the letter makes four statements to the seller. Here is each one in the letter's words, with what it means for your offer.
"The underwriting is already done." Before we issue the letter, our AI-assisted underwriting platform analyzes the property, local comparable sales and your verified file: credit, experience and capacity. By the time the seller reads the letter, that work on your deal is finished.
"You are reading a letter from the decision-maker." We lend our own capital. In the letter's words: "There is no loan committee, no appraisal contingency on our side, and no institutional approval chain between this letter and a wire." We do not order appraisals, so your closing does not wait on one from us.
"Treat this as you would a cash offer." The letter gives the reason: "We do not issue pre-approval letters unless we are prepared to perform and close. Absent a title defect or a material unforeseen issue with the property, we fund." If your offer is up against a cash offer, that statement reaches the seller with yours, in writing and signed.
"We close fast." The letter says our loans typically close in days, not weeks: as soon as title work is complete, funds are wired to the settlement agent. Order title the day your contract is signed, since the wire follows the title work.
What Still Has to Happen Before the Wire
The conditions are printed on the same page: "Final funding is subject only to the customary items: a satisfactory title commitment, an executed purchase contract with all addendums, property insurance covering our loan, and no material change in the borrower's profile before closing."
That is your list between the accepted offer and the closing:
- A satisfactory title commitment from your title company
- The executed purchase contract, with every addendum
- Property insurance that covers our loan
- No material change in your file before closing
The seller and the agent read the same four items you do.
The letter is valid for 45 days from its date. Its footer states what it is not: "It is not a loan commitment; final approval occurs when Harvey Capital Funding LLC deposits funds into escrow and instructs disbursement. Business-purpose lending only."
How a Seller or Agent Can Confirm It
The letter closes with an invitation: "Sellers and agents are welcome to verify it: call or email me directly and I will confirm the same day." Will Harvey, Founder & Manager of Harvey Capital Funding LLC, signs it, and the phone number on the page is (804) 208-0465.
So the listing agent can check your financing with the person who signed the letter, and hear back the same day.
How to Use the Letter With Your Offer
- Ask for it when you are ready to write the offer. The letter covers one house at one price, so request it once you have both.
- Send it with the offer. Put it in the same package, so the seller and the listing agent read it next to your price.
- Point the listing agent to the number. Tell the agent they can call the number on the letter to confirm it.
- If your price changes, call us first. The letter states the approved purchase price, so call us before you send a new number.
- If 45 days pass, ask for a refresh. The letter is valid for 45 days from its date. If that time runs out, ask us to refresh it.
Where the Letter Does Not Fit
The letter is for negotiated purchases, where a seller and a listing agent weigh offers. At a Virginia trustee sale (a foreclosure auction), the trustee's terms call for a deposit in certified funds at the sale and settlement of the balance by the trustee's deadline, often within 15 to 30 days of the sale. A letter does not replace that deposit, so plan to bring it in the form the trustee's terms require. Our Virginia trustee auction guide covers how those sales run.
How to Request a Letter
To issue a letter, we need an application in our borrower portal with the property, your plan for it and your file, including your experience and capacity.
Your loan terms go on a term sheet, not on the letter. Our published terms are on our pricing page: financing of 80% to 95% of the purchase price, depending on your experience and the deal, with the total loan capped at 70% of after-repair value; terms of 3, 6 or 9 months; and two 90-day extensions at 2 points each. Term sheets usually go out within a day, and how we turn a phone call into a term sheet walks through that step.
When you have a house you are ready to offer on, call us at 804-208-0465 or use the Discuss My Deal form. You can see the loans we have funded on our public list of funded deals.
Business-purpose loans only.