A commercial loan contract is an official commitment between the lender organization and the borrower company in which written commitments, including promises, acknowledgements and conditions are made for a fixed credit amount. Such a loan is taken for commercial reasons.
Sample Commercial Loan Contract:
Loan contract number: 123/ LM
This commercial loan contract is made and entered on November 25th, 2010 between Brown Finance Companies Pvt. Ltd, hereinafter called as the Lender Company, And Rainbow industries Pvt. Ltd, hereinafter referred as the Borrower Organization.
Lender Company Address: 45/ l, Building No: 5, Maria Street, Toronto, Canada
Phone: 6897 473 3628
Borrower Organization: Office No: 4/ L, Near Bakers Street, Toronto, Canada
Phone: 3729 574 3390
Hereby, the Borrow organization has qualified to take the loan for commencing a new technical unit within the industry, whereas the Lender Company has approved the loan amount of $ 2 million at 7% rate of interest to the Borrower organization.
This contract is effective from November 28th, 2010 and is ending on November 28th, 2013.
Term & Conditions are mentioned as follows:
The borrower Organization will make the monthly payment of $ 6000 to the lender company on the 1st of every month and will receive a confirmation slip of payment submission for the same.
Both the parties will follow an official relationship and no delays in payments from the borrower organization will be entertained.
If any of the legitimate and monetary issues is encountered within three years, the contract will get dissolved, and the borrower organization will receive a notice of payment clearance immediately.
Hence, parties are requested to acknowledge the contract:
Approved by the Mortgage Company:
Signature of the Borrower organization: