Letter of willingness

[jaylinford]

UTAH-
If I go to a bank to get a loan and the officer tells me I need collateral to get the loan. Can he legally write a letter of willingness? - or- Is that enticement?
I have a JV partner who is willing to put up collateral for a loan if the bank is willing to issue a letter that states they will issue the loan upon proper verification of valid legal collateral. Is this legal? Is there a way around this problem?

 

[Zigner]

UTAH-
If I go to a bank to get a loan and the officer tells me I need collateral to get the loan. Can he legally write a letter of willingness? - or- Is that enticement?
I have a JV partner who is willing to put up collateral for a loan if the bank is willing to issue a letter that states they will issue the loan upon proper verification of valid legal collateral. Is this legal? Is there a way around this problem?

That the partner with you to the bank...

 

[Antigone*]

UTAH-
If I go to a bank to get a loan and the officer tells me I need collateral to get the loan. Can he legally write a letter of willingness? - or- Is that enticement?
I have a JV partner who is willing to put up collateral for a loan if the bank is willing to issue a letter that states they will issue the loan upon proper verification of valid legal collateral. Is this legal? Is there a way around this problem?

I can tell you right now, no bank is going to lend based solely on collateral. They will want to see financials (business & personal) from all entities involved. You can also bank on having to sign a personal guarantee in addition to encumbering collateral.