Hedge funder Scott Bommer, of SAB Capital, is in contract to sell three Lily Pond Lane properties in the Hamptons for $110 million in an off-market deal, The Post has learned.
A pre approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre approved loan depends on the terms and conditions of the pre approval and ability to secure the loan before the pre approval expires.
Pre-approval means the lender is confident you can make a necessary down payment and your income is sufficient to cover mortgage payments. At this stage, only one concern remains. The lender needs to make certain the propertyâs value offers sufficient collateral in relation to the loan amount.