A Ready Willing and Able Letter (RWA Letter) is a bank issued document on an applicant’s behalf to show readiness and intent in a financial transaction. The letter is issued bank to bank, and most popularly by SWIFT MT799.
RWA Letter SWIFT MT799
While the RWA Letter may be issued without a SWIFT message bank to bank, it gives stronger validity and strength to the applicant if they do so. If a SWIFT MT799 is not required a bank or trust can issue the Ready Willing and Able Letter by hard copy courier, by fax, Key Tested Telex, or by secure fax as the occasion may allow.
Bank vs. Private Offshore Trust Issued RWA Letter
Not all assets are held at rated bank institutions. Some assets are held in private trusts that may not be rated by rating agencies. This does not detract from the financial capacity or availability of funds. Therefore an RWA Letter, as well as other similar documents such as a Bank Comfort Letter, or Letter of Intent are often issued by private offshore trusts in addition to banking institutions.
However, not all private trusts have subscriptions to SWIFT. In these scenarios a private trust may use a SWIFT-able bank to relay the RWA Letter or other financial documents on their behalf.
Please determine ahead of time what type of financial institutions- whether banking institution or private trust company; and what delivery methods are appropriate- whether SWIFT MT799 is preferred or not. Knowing this at the start will give you more credit enhancement options to choose from.
Balboa Trade can arrange the issuance of an RWA Letter from top world banks and private offshore trusts to ensure your project closes on time. For more information on getting a Ready Willing and Able Letter issued bank to bank by SWIFT MT799 or by other means please contact us.