Definition
Lender's written undertaking to a borrower that a certain sum at a certain rate of interest will be made available on borrower's demand during a certain period, provided the requirements detailed in the offer are fulfilled. Borrowers use this evidence of commitment to arrange bridge financing, and lenders charge a commitment fee for this service. Also called loan commitment letter, or letter of commitment.
Related Videos
http://www.businessdictionary.com/definition/commitment-letter.html


