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Updated over 1 year ago on . Most recent reply
Questions about letter of intent
I have the following questions regarding a letter of intent.
1. I heard that the bank requires tax returns to produce a letter of intent. Do they need anything else?
2. What does the letter of intent entail? Does it show the amount the borrower is allowed to borrow from the bank?
3. I have heard that in commercial real estate a letter of intent is required for the initial offer. Is this true?
4. Are there any fees entailed with a letter of intent?
Most Popular Reply
@Freeman Schultz
Are you referring to a letter of intent or proof of funds? Appears you are mixing the two
Letter of intent is a non binding document outlining terms of a potential agreement in a large real estate transaction which is the prelude to negotiating the contract
If you have never done one then an attorney should produce it for you and that would be a cost
A proof of funds letter is a letter from the bank on how much money you have available.
- Chris Seveney
