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loan commitment |
Also found in: Legal | 0.02 sec. |
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Loan commitment loan commitment In real estate,a formal promise by a lender to loan up to a specified amount of money, depending on the appraised value of the collateral, with additional details regarding the interest rate, term of the loan, property on which mortgage will be taken, and a date on which the commitment will expire. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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It's obviously important to know when the urgency have a fast and firm loan commitment outweighs anything else. Schneider obtained a commitment letter from the banks, under which they agreed to provide acquisition financing; as consideration, Schneider agreed to pay a nonrefundable loan commitment fee and to indemnify the banks for any legal fees associated with the commitment of funds. The program, established in 1977, is designed to provide an efficient and consistent review and classification of any loan or loan commitment shared by three or more supervised institutions and totaling $20 million or more. |
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