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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

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Answer:

The answer is: B) II or III

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.

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