In one sentence
A lender's commitment to fund a loan at a future date on agreed terms, common on construction-to-permanent and agency multifamily deals.
The longer version
A forward commitment locks permanent financing terms today for a loan that will fund later, often at construction completion and stabilization. It gives the borrower rate and proceeds certainty and the lender a pipeline of future fundings.
Forwards carry their own conditions and expiration, and converting a forward to a funded loan is a documented event with a checklist of completion and stabilization confirmations.
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