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Official Letter of Acceptance? - Posted by John Hirsch
Posted by John Hirsch on June 23, 2004 at 23:40:17:
I have been sent a Terms Letter by a lending institution, and they are awaiting my formal letter of acceptance.
Does anyone have a boilerplate, official, and formal acceptance letter for a loan?
Thanks
John Hirsch
privateinvestments@blazemail.com
Re: Official Letter of Acceptance? - Posted by Matt (MPD) IL
Posted by Matt (MPD) IL on June 24, 2004 at 24:19:55:
Typically if you accept their offer they ask you to sign the bottom and return it to show your acceptance. I’ve never drafted an “offical” type of form for such an event. If we accept their offer we simply sign their offer letter, copy it and return the original.
Matt MPD
Re: Official Letter of Acceptance? - Posted by John Hirsch
Posted by John Hirsch on June 24, 2004 at 24:34:18:
The document I received from the lender is a letter of terms that outlines the loan, repayment, collateral, etc… It is not really the type of document that I would sign and send back. In their communication, they simply stated that they await my letter of acceptance.
Perhaps there is nothing “formal” or boilerplate about it… maybe I just need to write a courteous letter stating I am pleased to accept the terms, etc…
Anyway, thanks for the quick response Matt
John Hirsch
Re: Official Letter of Acceptance? - Posted by Chuck Rosenberg
Posted by Chuck Rosenberg on September 05, 2005 at 11:42:01:
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Re: Official Letter of Acceptance? - Posted by Matt (MPD) IL
Posted by Matt (MPD) IL on June 24, 2004 at 24:41:26:
I’ve recieved many of the same types of letters especially since we’re mostly dealing with commercial transactions. In every instance we’ve simply signed the bottom with our titles (I have a C corp) and sent it back, regardless of whether or not there are lines specifically for that purpose. Either way the lender wants your formal acceptance so they can put it in a file. It means nothing until you sign a note and mortgage anyway.
If you feel better about drafting a letter and putting it on your own company’s letterhead, that’s about as official as it can get. Overkill in my opinion but my business is pretty laid back, as is our lender so to each his own really.
You’ve got the right idea though.
Matt MPD
Re: Official Letter of Acceptance? - Posted by John Hirsch
Posted by John Hirsch on June 24, 2004 at 01:22:47:
Thanks for the quick and concise response. The lender is very relaxed, but it is my first deal and it is worth $14.5 Million and I want to make sure all my 'I’s are dotted and 'T’s crossed
Thanks very much
John Hirsch
Re: Official Letter of Acceptance? - Posted by Matt (MPD) IL
Posted by Matt (MPD) IL on June 24, 2004 at 15:14:25:
Meant to reply to this last night yet but got caught up on a few things.
Don’t let the dollar amount get to you. Money is money to a bank and they don’t care if it’s $14 or $14mil. Either way they want the same paperwork and your same dedication to working with them.
If your lender is laid back as you say, simply call your loan officer and ask them precisely for what they’d like to have back to put in their files. 9 out of 10 they’ll probably want your signature on their offer letter. If they ask you to draft a response on your letterhead you’ll of course need to reference all of their outlined terms or include a copy of it as an addendum to your letter. Either way the lender has made an offer to you and in order for it to go forward they want you to accept it formally.
My lender will call me with the terms on each deal before submitting his offer letter and since they don’t change much from deal to deal anymore I just sign that copy and send it back.
Check with your attorney if you feel there might be something you’re overlooking. Talk with your accountant to verify the numbers on the deal. Don’t take my word that whatever the lender wrote is a good deal, because I’d obviously have no clue, nor is that what we talked about anyway.
Make yourself comfortable with the deal first before you worry about what to sign and how to draft it. After that, if you want to move forward and you are still unsure as to what your lender wants, just give them a quick call and tell them that you are ready to move forward but you need to know how they want you to respond. They’ll tell you in no uncertain terms exactly what they’ll accept and you’ll be off and running.
Best of luck.
Matt MPD