The Letter of Intent for Credit Line Application is a crucial preliminary document in the Philippine banking and finance sector, used when a business or individual seeks to establish a credit facility with a financial institution. This document serves as the formal introduction of the credit application process, providing the bank with essential information about the applicant's financial standing, credit requirements, and intended use of funds. While not legally binding, it demonstrates serious intent and provides the framework for subsequent formal credit line negotiations. The document must comply with Philippine banking regulations, including the New Central Bank Act and various financial services regulations. It typically precedes the formal credit line agreement and helps the financial institution make an initial assessment of the credit request. The letter should be comprehensive enough to enable the bank to understand the applicant's creditworthiness while maintaining the preliminary nature of the application.
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1. Header Information: Company letterhead, date, recipient's name and address, and reference line
2. Salutation: Formal greeting to the appropriate bank officer or department
3. Introduction: Brief introduction of the company/individual and purpose of the letter
4. Credit Facility Request: Specific details of the credit line being requested, including amount and proposed terms
5. Business Profile: Brief overview of the business, including nature of operations, years in business, and key activities
6. Purpose of Credit Line: Detailed explanation of how the credit line will be utilized
7. Financial Position: Summary of current financial status and ability to service the credit line
8. Proposed Security/Collateral: Description of assets or guarantees offered as security
9. Closing Statement: Expression of willingness to provide additional information and hope for positive consideration
10. Signature Block: Authorized signatory details and company stamp if applicable
1. Project Details: Include when credit line is for specific project financing
2. Group Structure: Include when applicant is part of a larger corporate group
3. Market Position: Include when market leadership or position significantly strengthens application
4. Banking Relationships: Include when existing banking relationships would support the application
5. Credit History: Include when company has strong positive credit history worth highlighting
6. Environmental Compliance: Include when industry requires environmental compliance certificates
7. Employment Details: Include for individual applications rather than corporate applications
1. Financial Statements: Latest audited financial statements and management accounts
2. Cash Flow Projections: Projected cash flows showing ability to service the credit line
3. Business Registration Documents: Company registration, licenses, and permits
4. Tax Compliance Documents: Latest tax returns and tax clearance certificates
5. Collateral Documents: Details and valuations of proposed collateral
6. Key Contracts: Major contracts or purchase orders supporting credit line requirement
7. Corporate Documents: Board resolution authorizing credit line application and specimen signatures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail and Wholesale
Construction and Real Estate
Agriculture and Farming
Technology and Communications
Healthcare and Pharmaceuticals
Transportation and Logistics
Energy and Utilities
Import and Export
Professional Services
Hospitality and Tourism
Relevant Teams
Finance
Treasury
Legal
Corporate Secretariat
Executive Management
Accounting
Credit Administration
Risk Management
Corporate Banking
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Business Owner
Managing Director
Chief Executive Officer
Finance Manager
Accounting Manager
Credit Manager
Bank Relationship Manager
Corporate Banking Officer
Legal Counsel
Company Secretary
Business Development Manager
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