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Letter of Intent to Rent or Lease a Space

Letter of Intent to Rent or Lease a Space

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Published by: bizibuzz on Feb 23, 2010
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12/19/2014

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 If you’re interested in putting up a business inside a mall, the first thing that the malladministration will ask you to submit is the
Letter of Intent (LOI)
.A Letter of Intent is not a document we often see that’s why a good number of people don’tknow what to write inside it.Some might also ask, how should it be written? Or, is there a correct template or layout for making a Letter of Intent?Before I give you the answer to these questions, let me first tell you what a Letter of Intent is.According to Wikipedia:A Letter of Intent or LOI is a document outlining an agreement between two or more parties before the agreement is finalized. The concept is similar to the so-called heads of agreement.Such agreements may be Asset Purchase Agreements, Share Purchase Agreements, Joint-Venture Agreements and overall all Agreements which aim at closing a financially large deal.That really sounds so formal, don’t you think? However, there’s really no reason for you to be afraid of getting your LOI wrong.Although it does usually resemble a contract, it is most of the time,
non-binding
and is justissued to initiate a formal business transaction.For renting or leasing a space inside a mall or other commercial space, a Letter of Intentwould contain the following information:
A statement saying your intent to lease a space inside the mall. 
A description of your business including it’s basic concept, the business model it follows and a brief background and history.
A list of your products and services which should include pricing,merchandise  packaging design and a description of your target market.
Your space, utilities and manpower requirements including the types of equipmentyou’ll be using and the number of employees you’ll have.
If there’s any, it would also be good to show pictures of your other branches or stores. 
Your contact details and the best schedule for you to have a meetingBefore writing your Letter of Intent, it might also help to you
ask the administration if theyhave an LOI template
that you can just follow. They could provide samples that was
 
submitted to them by past lessees. If not, do ask them what
specific details they need stated
in your LOI.Lastly, to help you with writing your Letter of Intent, here’s a very simple LOI templatewhich you can use:Ms. Maria dela CruzZone Administrator ABC MallDear Ms. dela Cruz,XYZ Foods would like to present this Letter of Intent to signify our interest in leasing acommercial space inside ABC Mall.We are the business behind the food cart, W Burgers, which has been selling gourmethamburgers since 2004. Our products include a variety of hamburger sandwiches and burger rice meals. We also sell ice cold beverages. Currently, our burger sandwiches and rice mealssell for P80 each. Our clients are usually young professionals who order our food as packedmeals for lunch or dinner.The W Burger food cart that we plan to put up would require at least 6 square meters and a power outlet for a cash register, a small freezer, a rice cooker, a soda vendo machine and agas operated frying griddle. The food cart would be manned by two employees.We already have 5 branches located in various commercial areas in the city but this is our first venture in putting up a branch inside a mall. Attached are the photos of our existing branches.We believe that our food cart compliments the business concept of ABC Mall because wecater to the same target market. Thus, we would appreciate it if you could contact us at 555-0921 during office hours from Mondays to Thursdays, so we can set up a meeting to discussthis further and possibly come up with a formal business agreement.Thank you very much.Respectfully,Mr. Pedro ReyesSole Proprietor XYZ Foods – W BurgersGet more articles about business and personal finance bysubscribing to Ready To Be Rich.
 References:
Wikipedia, The Free Encyclopedia. “Letter of Intent“. April 14, 2009 ——— Photo courtesy of Svadilfari
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This entry was posted on Wednesday, May 13th, 2009 at 12:51 pm and is filed under Business, General Information. You can follow any responses to this entry through the RSS 2.0 feed. You canleave a response
 
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5 Responses to “How To Write A Business Letter Of Intent To Rent Or LeaseA Space”
1.ChristianonMay 15th, 2009 at 2:17 am  A letter of intent is as essential tools for investing. It’s a great way to break the ice ona negotiation. It’s always surprising how few people use them! I know if a potential

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