As Financiers Representative, ITF Network Co. Ltd represents the interest of money lenders, investors, individuals and corporate institutions who have some cash reserves and want to turn around to make quick and good returns. They can do this, with ease and comfort without losses and liability to them by being represented by ITF Network Co. Ltd. This representation is done after a critical analysis is made to ascertain the tendency and potency of the financier’s ability and availability of funds.
In the case of CASH FINANCIERS:
- The financier invests not by giving physical cash to the borrower (importer) but rather accepts to finance the importation of the goods needed by the importers in West Africa through ITF Network Co. Ltd after the importer had produced or provided the requisite invoice on the goods to be imported to ITF Network Co. Ltd and ITF Network Co. Ltd had analyzed the viability and feasibility levels of the products/goods on the West African Market and indicators prove to be positive.
- That, after positive results attained, ITF Network Co. Ltd collects and gathers all information necessary about the client/importer, verify and authenticate them and same forwarded to the Financier as it were in the case of due diligence.
- That, the Financier contacts the client with his letter of offer with copies to ITF Network Co. Ltd.
- That, if the terms are ok, with the client, the client contacts ITF Network Co. Ltd and in their presence the clients signs the acceptance of the financier’s offer and same is returned to the FINANCIER by ITF Network Co. Ltd.
- That, at this point the Financier finances the importation of the goods by the Financier dealing directly with the manufacturer/exporter of the said goods to be imported and same is shipped to the client but through ITF Network Co. Ltd.
- That, by the evidence of shipment of goods by the Financier through available documents that can be verified, tested and affirmed to be true and correct that Financier had indeed shipped the goods, the importer pays 5- 10% OF THE INVOICE VALUE against Financiers accounts as commitment/security deposit.
- That, ITF Network Co. Ltd by representing the FINANCIER clears the goods from the port and holds lien on the goods for and on behalf of the FINANCIER on arrival of the goods in Ghana/West Africa, but at the cost of the importer/borrower.
- That, ITF Network Co. Ltd releases any fraction or portion of the goods to the client/importer (Borrower) only and after its equivalent is paid against the accounts of the Financier and the Financier had confirmed receipt of same and had issued release note of its equivalent to the importer through ITF Network Co. Ltd.
That, the process continues and within the credit period granted by the Financier which is normally 30 -180days depending on the volume/value or type of goods etc until such a time when the A/C of the importer/client is closed in the books of the financier.
That, in the event of default on the side of the importer, the importer forfeits the initial 5-
10% commitments made against the financiers accounts as security deposit as well as the goods in the custody of ITF Network Co. Ltd and by the mandate of the Financier the goods are resold to a third party by the same method to recover any balances on the accounts of the investments made by the Financier.