Hi everyone, I am negotiating a LOI with a seller. We are quite advanced, but he confirmed that he has one other highly interested potential buyer which he does not want to shut off. So he is having trouble with the exclusivity agreement in the LOI. After a management meeting I am confident that I would be the preferred acquirer from a personal fit standpoint, but the seller is worried that I am not able to raise the required financing, which is a fair point as of now I have only verbal confirmation from the bank and a few early co-investor talks. The "chicken-and-egg" issue is that the bank will only move forward with the confirmatory financing process once I can provide a signed LOI.
How would you maneuver this?