The Loan Offer (LOI Offer) is a formal document used in Canadian lending transactions to present the terms and conditions under which a lender proposes to extend credit. It serves as a crucial step in the lending process, typically issued after initial credit assessment but before the final loan agreement. The document must comply with Canadian federal legislation including the Bank Act and Interest Act, as well as provincial regulations regarding consumer protection and credit disclosure. It contains essential information such as loan amount, interest rates, repayment terms, security requirements, and conditions precedent. The Loan Offer is designed to provide potential borrowers with clear, comprehensive information about the proposed financing while protecting the lender's interests and ensuring regulatory compliance. It forms the foundation for negotiation and, once accepted, becomes the basis for preparing the final loan documentation.
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1. Date and Address Block: Formal letter heading including date and recipient's full address
2. Reference Line: Clear reference to application or previous discussions
3. Greeting: Formal salutation to the potential borrower
4. Introduction: Opening paragraph confirming the lender's interest in providing the loan
5. Loan Amount and Purpose: Clear statement of the offered loan amount and its intended purpose
6. Key Terms: Essential loan terms including interest rate, term, and payment schedule
7. Security Requirements: Details of any collateral or security required for the loan
8. Conditions Precedent: List of conditions that must be met before the loan can be advanced
9. Fees and Charges: Breakdown of all applicable fees, charges, and costs
10. Offer Validity Period: Statement of how long the offer remains valid
11. Next Steps: Instructions on how to proceed if the borrower wishes to accept the offer
12. Closing: Formal closing paragraph with contact information for questions
13. Signature Block: Authorized signatory details and signature space
1. Pre-Payment Terms: Include when offering pre-payment options or when there are pre-payment penalties
2. Insurance Requirements: Include when specific insurance coverage is required as a condition of the loan
3. Guarantee Requirements: Include when a personal or corporate guarantee is required
4. Draw-Down Provisions: Include for construction loans or lines of credit with specific draw-down terms
5. Tax Considerations: Include when there are specific tax implications that should be highlighted
6. Property Details: Include for property-secured loans with specific details about the security property
1. Schedule A - Cost of Borrowing Disclosure: Detailed breakdown of all costs associated with the loan as required by regulations
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Schedule C - Security Requirements: Detailed description of required security and registration requirements
4. Appendix 1 - Required Documentation: Checklist of documents required to proceed with the loan
5. Appendix 2 - Terms and Conditions: Standard terms and conditions that will apply to the loan
6. Appendix 3 - Fee Schedule: Detailed breakdown of all fees and charges applicable to the loan
Relevant legal definitions
Advance
Applicable Law
Banking Day
Borrower
Business Day
Closing Date
Collateral
Conditions Precedent
Default
Default Rate
Draw Down
Event of Default
Facility
Financial Indebtedness
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Offer Expiry Date
Payment Date
Permitted Security
Principal
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Term
Term Sheet
Applicable Law
Banking Day
Borrower
Business Day
Closing Date
Collateral
Conditions Precedent
Default
Default Rate
Draw Down
Event of Default
Facility
Financial Indebtedness
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Offer Expiry Date
Payment Date
Permitted Security
Principal
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Term
Term Sheet
Clauses
Loan Amount and Purpose
Interest Rate and Calculation
Repayment Terms
Security and Collateral
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Prepayment
Fees and Expenses
Assignment and Transfer
Notice Requirements
Governing Law
Confidentiality
Force Majeure
Insurance Requirements
Tax Provisions
Information Undertakings
Financial Covenants
Change of Control
Set-off Rights
Currency Provisions
Disbursement Conditions
Amendment and Waiver
Interest Rate and Calculation
Repayment Terms
Security and Collateral
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Prepayment
Fees and Expenses
Assignment and Transfer
Notice Requirements
Governing Law
Confidentiality
Force Majeure
Insurance Requirements
Tax Provisions
Information Undertakings
Financial Covenants
Change of Control
Set-off Rights
Currency Provisions
Disbursement Conditions
Amendment and Waiver
Relevant Industries
Banking & Financial Services
Real Estate
Commercial Property
Construction
Manufacturing
Retail
Healthcare
Technology
Agriculture
Transportation
Energy
Professional Services
Education
Hospitality
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Commercial Banking
Corporate Banking
Operations
Treasury
Business Development
Underwriting
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Loan Officer
Commercial Banking Manager
Risk Manager
Compliance Officer
Legal Counsel
Corporate Treasurer
Financial Controller
Credit Analyst
Relationship Manager
Branch Manager
Underwriter
Business Development Manager
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