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loan commitment

   Also found in: Legal 0.01 sec.
Loan commitment
Assurance by a lender to make money available to a borrower on specific terms in return for a fee.
Loan Commitment
The amount in loans that a bank will make or may be required to make in the near future, but has not yet made. Loan commitments may be open-ended or closed-ended. Suppose a bank approves two loans in a year; one is a revolving line of credit for $50,000 and the other is a business loan for $100,000. One would say that this bank has an open-ended loan commitment of $50,000 (because the principal amount in the loan, when repaid, may be borrowed again) and a closed-ended loan commitment of $100,000 (because once its principal is repaid, it no longer must be committed to that borrower). Banks must disclose their loan commitments.
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.
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Semon STURBRIDGE - The Board of Selectmen this week accepted a nearly $20 million loan commitment for the wastewater treatment plant and awarded a contract for more than $3 million for Well No.
Board OKs $19.9M wastewater plant loan by Telegram & Gazette (Worcester, MA)
Wildauer said ACC, the new vehicle, was formed to accommodate the increased deal flow and to handle loan commitments up to $250 million.
Apollo adds $309m to debt investment fund by Real Estate Weekly
The third aspect involves the development of what is known as a loan commitment table as well.
The Development of the Loan Scorecard by Sam Miller / Business community
 
 
 
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