This is a framework agreement to which a lender and borrower agree to enter into further negotiations on a loan transaction. As a Broker, we would normally present your case to a lender, who will then discuss the case internally, and if it is of enough interest they will produce a Term Sheet. At this stage the loan is not Credit-Approved, and the terms are subject to change, but it is simply an indication of what the Lender believes they can offer based on the information shared to that point.