CONDITIONAL COMMITMENT
In real estate, a conditional commitment is an agreement by a lender to provide a loan to a qualified borrower, within a specified time period, but without stating who the borrower will be.
A conditional commitment is often used in situations where the borrower has not yet identified a specific property to purchase 1. It allows the borrower to obtain a loan commitment from the lender before finding a property.
The conditional commitment is based on the borrower’s creditworthiness and financial situation. Once the borrower has identified a property to purchase, the lender will review the property to ensure that it meets their lending criteria.
If the property meets the lender’s criteria, the conditional commitment will be converted into a final commitment, and the loan will be funded 1. If the property does not meet the lender’s criteria, the loan will be denied.
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