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A commitment letter is a document that assures a borrower they will receive a loan under specified conditions in the future. For instance, you might not require funds immediately but will need them in six months after construction is completed on a project, like a cabin. To secure this, you can obtain a commitment letter from a bank for a fee. This letter states that the bank will provide a loan, such as $152,000 at a fixed interest rate of 5% for 30 years, assuming no significant changes occur before the loan is needed. This ensures a borrower can proceed with their plans without worrying about securing financing later.
