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The “LOG”: The Piece of Paper That Works Like Cash

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.