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A construction firm cannot obtain the necessary permits to begin building a shoppingmall until it can show it either has or will have the necessary funding to complete the project. The firm may ask a bank
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A construction firm cannot obtain the necessary permits to begin building a shoppingmall until it can show it either has or will have the necessary funding to complete the project. The firm may ask a bank for which of the following to allow it to obtain the permits?I.Commercial letter of creditII.Loan commitmentIII.Credit lineIV.Repurchase agreementA)I or IIB)II or IIIC)II or IVD)III or IVE)I or IV

User Shashank V
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Answer:

The answer is: B) II or III

Step-by-step explanation:

A loan commitment is a bank’s (or any other type of lender) promise to offer a loan of a specified amount to a borrower.

A line of credit is an agreement between a bank (or other financial institution) and a customer for a maximum loan amount the customer can borrow.

User Sasi Kathimanda
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