letter of interest (LOI) definition

letter of interest (LOI)

Contracting: Written-response solicited from contractors or vendors through advertisements. It is often employed in pre-qualifying the respondents for specific services, based on their resources and experience, before sending a request for proposals (RFP).

Financing: Written communication issued by a lender in response to a request for funding a project or transaction. A LOI neither confirms a loan nor provides any specific terms under which the loan may be extended, but only states that the lender would consider that type of financing. See also commitment letter.

letter of interest (LOI) is in the Agreements & Contracts and Banking, Commerce & Finance subjects.

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