Real Estate Glossary | What is Firm Commitment??

Q: What is Firm Commitment?

A Firm Commitment refers to an agreement between a lender and a borrower where the lender commits to providing a certain amount of funds to the borrower, usually at a specific interest rate and on specific terms. This can be used in real estate development, construction or other type of projects, where the developer need to secure financing before starting the project. A firm commitment is binding on the lender, who cannot change the terms or conditions of the loan, and typically contains penalties for any defaults or breaches of the commitment.

Our solutions

beycome™

Legal

Stay Connected with us

Stay Connected

Beycome Florida:
400 NW 26th St,
Miami, FL 33127

Beycome Office:
5701 Sunset Dr #224,
South Miami, FL 33143

Beycome Contact:
804-656-5007
[email protected]
Schedule a call

By searching, you agree to the Terms and Conditions and our Privacy Policy.
IDX information is provided exclusively for consumers’ personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Listing information is updated daily. All information provided is deemed reliable but is not guaranteed accurate and should be independently verified.

The availability of services and savings can vary by state. See more Information about our services for program details.

Beycome Corp. works with real estate brokerages licensed to do business in multiple states across the country. Beycome Brokerage Realty LLC d/b/a beycome.com is a real estate brokerage licensed to do business in AL, GA, IL, MI, MN, NC, SC and TX. Beycome of Florida LLC d/b/a beycome.com is a real estate brokerage licensed to do business in Fl. Beycome of Connecticut LLC d/b/a beycome.com is a real estate brokerage licensed to do business in CT. A list of our licenses is available here.

Beycome Title LLC, Beycome Brokerage Realty and Beycome of Florida have a business relationship in that all are owned by the same persons.

CalBRE #01737574.TREC: Info About Brokerage Services, Consumer Protection Notice