Letter of Credit?

Question

How do i obtain a letter of credit? Are there any special requirements?
I want to buy a 24 unit complex and I need to know by tonight.

Answer 1

Check out this website. It should answer some questions.

http://en.wikipedia.org/wiki/Letter_of_credit

It gives a thorough explanation and definition of a letter of credit.

For a simpler explanation from http://www.investorwords.com/2774/letter_of_credit.html

"letter of credit
Definition

L/C. A binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be tranferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the delivery of goods within a given time frame. It is often used in international trade to eliminate risks such as unfamiliarity with the foreign country, customs, or political instability. "

So basically a letter of credit is a binding document that you can obtain from your bank. You can also purchase them online...here are a few stores that'll gladly sell one to you...

http://www.intldocs.com/

http://www.stgeorge.com.au/corporate/loansbus/trade/default.asp?orc=corporate

http://www.grandcapitalfinancial.com/letterofcredit.htm

But then, this is just a sampling of the google ads.

I hope this helps. Good luck on the apartment purchase.

PS If this apartment complex is near UCLA, let me know. Maybe I'll rent from you. ;)

Answer 2

This website will tell you everything you always wanted to know about letters of credit...

http://www.creditmanagementworld.com/letterofcredit.html

Answer 3

Go to your bank.

Answer 4

leave me the hell alone