If it was a commercial loan it would have been arranged through the banks and not by the government.
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Ms Dowd said the Electoral Commission had not been in a position to define what a commercial loan looked like.
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He was told more than once there was no chance for the deal to get approved through a non-SBA route, like a commercial loan.
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The IRS has a monthly payment plan, but it comes with an upfront fee, stiff penalties and interest, making it more costly than a commercial loan.
"At the moment there is no definition of a commercial loan that I know of.. and I think it is a big gap in the law that it is not there".
BBC: NEWS | UK | UK Politics | Key points: Cash-for-honours hearing
Asked to define a commercial loan, Mr Yates said it was an important point, as lending money to a political party should not be a bar to being nominated for a peerage.
BBC: NEWS | UK | UK Politics | Key points: Cash-for-honours hearing
But neither party is willing to tell the IRS to cut the nonsense and stop pretending that there is a difference between owning a term loan, a revolving working capital loan, commercial paper or a bond.
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But unfortunately he has neither the financial history nor the collateral required by the bank to obtain a personal or commercial loan.
Fraud was a material part of the mortgage collapse, a big factor in commercial property and loan losses and a component in investment banking and private-equity losses that did more damage than acknowledged.
The favoured loan is a commercial mortgage structured to be paid back over 15 years but granted in five to seven-year increments.
Does X worth of 1-day-maturity debt really hedge 10X of a 7-year commercial real estate loan?
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The funds will come from its reserves, or by taking out a loan itself "on commercial terms... to assist a valued community based organisation".
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They acquired the loan files from a large commercial lender in India, a country challenged by a dearth of verifiable financial data.
But protesters argue the loan is putting a masterpiece at risk for the sake of a commercial event.
Stern had never done a commercial real estate deal of anywhere close to that size, but figured the bank would loan him nearly the entire amount.
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