The “LOG”: The Piece of Paper That Works Like Cash
The Bridge Between Approval and Payout. You got approved for a loan. But the check takes weeks to process. The seller wants assurance. The bank issues an LOG (Letter of Guarantee). What It Says It tells the seller/developer: “We have approved Mr. Cruz’s loan. Transfer the title to his name, submit it to us, and […]
The Bridge Between Approval and Payout. You got approved for a loan. But the check takes weeks to process. The seller wants assurance. The bank issues an LOG (Letter of Guarantee) . What It Says It tells the seller/developer: “We have approved Mr. Cruz’s loan. Transfer the title to his name, submit it to us, and we PROMISE to pay you PHP 3M.” It is an I.O.U. from a bank, which is as good as gold.
