How It Works

Basic Procedures

Although no two transactions are the same, there are several things that all of these types of transactions have in common. It should go without saying that if you want to inquire or apply for a financial product with a financial institution anywhere, then a one sentence email will not suffice.

We need adequate information from the client, or the client’s representative in order to accurately assess your project and options.

Accurate information can be the difference between a done deal and no deal at all. We provide easy to use contact forms that detail the information we need to assist you. Simply fill out the forms and we will contact you shortly.

The minimum information needed is the client’s name, email address, telephone number, and physical address, account amount, account term and type of service required. Additional documents will likely be required once your initial inquiry has been reviewed.

Basic procedures will vary depending on if you need Proof of Funds, an RWA Letter, Standby Letter of Credit, Documentary Letter of Credit or other Bank Instrument. In most cases once Harvest Finance has assessed your project and you have supplied all necessary documents, your file will be presented to the investor for consideration. If they accept, the terms are arranged for escrow if needed. Clients will usually have several choices for escrow ranging in price and location.

If escrow is required or desired, clients then deposit the agreed upon deposit into the Escrow Account. The Client will be required to provide the necessary documentation to complete the establishment process for the escrow account.

This typically requires color copies of photo ID/Passports for all signatories, a secondary identification document including name and address, Certificate of Incorporation/Organization for companies, EIN’s and SSN’s for all signatories and possibly the financing agreement. Clients are normally a signatory on the account, but will be unable to conduct transactions until the proper terms are satisfied.

How long does this take?

More often than not this depends more on the Client than on us or the Investor. Once we have the proper paperwork, Bank Instrument transactions can happen in as little as 5 days. With Acknowledgment times some transactions can take up to 15 days however this is not normal. On average you can expect transaction times to range from 5-10 days.

The Hard Truth

Most Bank Instrument transactions don’t close because Clients do not have proper or adequate funds to pay for the requested services. Bank Instruments carry risk for the investor and require a considerable amount of paperwork. Consequently the services cost money and proof that you can pay these fees is required up front. If you cannot prove that you have the cash to pay for these services, your file will never be presented.

While we are happy to answer your questions, harvest finance representatives work as consultants and are compensated accordingly. We will be happy to review a complete inquiry and provide potential clients with an initial consultation. We will clearly lay out what services we can provide and what documents will be required in order to proceed.

After that point, a proof of funds will be required to show that you can pay for the services that have been requested. Proof of Funds (POF) may be a bank statement, tear sheet, SKR, CD, Bond or other acceptable documentation relevant to the transaction at hand. If you are not willing or able to provide documentation showing what funds you or your client holds, then please wait to inquire until you can provide such paperwork.