You have just found an ideal, fairlypriced
piece of land on which to build
your company's next residential subdivision.
You must move quickly,
however: The seller needs fast cash
and must close on the purchase of the
land within 30 days.
"Boilerplate" Loan Commitments
Several subcontractors in town have
agreed to hold favorable prices for you
if they can start work within the next
45 days. This, you assure them, will
not be a problem, because you've just
had a very productive meeting with
your banker, who agreed to give your
company a construction loan. You
receive a commitment letter from the
bank that seems a little long, but
appears to be "boilerplate." In the
interest of moving the