Answer: A pre-qualification involves the review of a loan application and supporting documentation and is comprised of data and documentation for the buyer/s and quite often a property that is of particular interest to the principals. The buyer/s must have adequate capital, credit, and credentials, and the property in question (PIQ) must be able to support the desired level of debt. The pre-qualification process is most useful to evaluate the buyer/s price range before the search for a B&B/inn begins.
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Michigan Bed & Breakfast Assn.
Oregon Bed & Breakfasts