Dear All,
Pls advice ....In a mortgage transaction....As per the attached board resolution the directors are required to give personal guarantees. All the 5 directors are also co-applicants to the loan structure.
Need clarification on below mentioned points.
1.Is it ok if we don’t take letter of continuing guarantee from the directors.
2. 2.If letter of continuing guarantee is taken by the directors would there be any legal implications because they are co-applicants to the loan and not guarantors.
