Screen for Letter of Interest
At some point after making contact and having a discussion (or discussions) with a prospective Lender, you should request a written confirmation of interest from the potential Lender where there is an outline of the general time frame and conditions under which the Lender would consider a loan. This is an important document as it will confirm whether it is worthwhile to you (from the standpoint of your time and potential achievement of your borrowing objectives) to continue your negotiations with this potential Lender.
BorrowPQ does not automate your negotiations, of course, but it does give you both the platform to manage them (including multiple parallel negotiations) and it helps you maximize your preparation for the negotiations. At this point, with all precedent steps under your belt, you will have your positions (goals, best case and walk away) established to cover the core components of what you will negotiate with prospective Lenders.
What are You Negotiating?
Assuming the Letter of Interest is satisfactory, you will then move on to Step 10, Negotiate the Term Sheet.
PQ can provide a list of preferred third-party advisors for Step 9 including Lawyers, Wealth Managers, Tax Consultants, Accountants and more.
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