Hi all,

I recently had a conversation with a lender that said in FL, LOIs are binding. Not clear if this is just the default and you could stipulate differently (for example my LOI template states that the only binding piece is the exclusivity and confidentiality) but has anyone heard this before? I've seen a couple posts about brokers in FL trying to guide buyers straight towards APA vs LOI on smaller deals (<~$1M EBITDA) which would make more sense if LOIs were binding anyway. Relevant as I am working on a deal in which the business is based in FL.. Appreciate any insight!