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Is there a need for a commitment letter when borrowing money?
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[QUOTE="Holicent, post: 250987, member: 76163"] [FONT=Trebuchet MS] A commitment letter is a document that shows a lender's intent to provide a loan to a borrower. It's an agreement by the lender to make the loan and is binding on both parties. The purpose of a commitment letter is to show that the lender has agreed to make the loan, but it doesn't obligate the lender to actually make the advance. The main purpose of a commitment letter is to give comfort to investors or other third parties who may be interested in participating in the project with you. A commitment letter tells them that they need not worry about having their funds tied up for an indefinite period of time while waiting for your project to be completed. They also know what your financial obligations are going to be and when they'll be paid off. Commitment letters are common in many commercial transactions, and they're often used when financing real estate projects or equipment purchases by businesses. They're also sometimes used by banks as part of their lending policies, so you may have seen one without realizing what it was all about.[/FONT] [/QUOTE]
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Is there a need for a commitment letter when borrowing money?
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