Commitment Letter

As a best practice, 1st REM/UCC lenders must include the following information in their commitment letter for a 504 project:

1. The physical address of the 504 project property;
2. All collateral to be required by the 1st REM/UCC lender, including guarantors and assignment of life insurance, if any;
3. The actual dollar amount of the 1st REM/UCC loan, not just the percentage amount; and
4. The interest rate for the entire term of the 1st REM/UCC loan, not just the initial rate.

Providing this information in the bank commitment letter (see sample provided below) will assist SBA and 6 Bridges Capital Corporation (6BCC) with providing both the bank and applicant with a quicker approval process.