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LSDefine

Simple English definitions for legal terms

loan commitment

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A quick definition of loan commitment:

A loan commitment is a promise made by a lender to lend a certain amount of money to a borrower at a specific interest rate, usually for a particular purpose such as buying a house. This promise is binding and has a set timeframe for the loan to be given.

A more thorough explanation:

A loan commitment is a promise made by a lender to a borrower to lend a specific amount of money at a certain interest rate, usually for a specific purpose and within a specified period. This commitment is legally binding and obligates the lender to provide the loan as agreed upon.

For example, if a borrower is looking to purchase a home, they may receive a loan commitment from a lender stating that they will provide a mortgage loan of $200,000 at a fixed interest rate of 4% for a period of 30 years. This commitment ensures that the borrower will have the necessary funds to purchase the home and the lender is legally obligated to provide the loan as agreed upon.

Another example could be a business seeking a loan commitment from a bank to finance a new project. The bank may provide a loan commitment stating that they will lend the business $500,000 at a variable interest rate for a period of 5 years. This commitment allows the business to move forward with their project knowing that they have the necessary funds and the bank is legally obligated to provide the loan.

These examples illustrate how a loan commitment is a binding agreement between a lender and a borrower, providing the borrower with the necessary funds and the lender with the assurance that the loan will be repaid according to the agreed upon terms.

loan certificate | loaned employee

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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