commitment letter

commitment letter definition - business

commitment letter

Written notice from a lender to a potential borrower that a loan application as been approved. The commitment letter states the loan amount, interest rate, term, and any conditions attached to the loan.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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