To speak with a representative,
call us at (954) 889-7330
(954) 889-7330 . info@akyachts.com
“Great deals” abound as yacht prices reflect softened demand. Savvy buyers are reaping the benefits of the current buyers’ market and purchasing quality vessels at prices unthinkable just last year.
Understandably, current conditions are inhibiting many enthusiastic potential buyers from spending precious cash on a luxury item. Those ready and financially able to buy a boat but reluctant to sacrifice liquidity should consider financing a portion of the purchase. Financing permits a buyer to minimize the initial cash outlay and retain much of the capital that would have otherwise been spent on the cash purchase of a vessel.
Contrary to common assumption, credit remains accessible from a host of prominent banks throughout the United States and Europe. Competitively priced loans for vessels of all sizes continue to be available to qualifying applicants. Typically, 15% to 30% of a vessel’s purchase price is paid in cash and the remainder may be financed. As the mortgage is secured solely by the vessel, other personal or business assets or credit lines are not encumbered.
Loan underwriting requirements are conservative but not unreasonable. Review of the applicant’s credit history, income tax returns and cash reserves are standard requests. Sophisticated buyers understand the value of financing and accept the information requirements as a necessary part of the process.
For the well-advised and -prepared boat and yacht buyer, today’s opportunities are unprecedented. Despite prevailing market conditions, the fundamentals of a purchase are unchanged: find the right boat, negotiate an acceptable price, and use the tools available to structure the purchase to one’s best advantage.
My role is to help you structure that purchase to your best advantage. I look forward to speaking with you.
Philip Bartholomew
Seacoast Marine Finance
(954)303-2404
philip.bartholomew@seacoastnational.com
www.seacoastnational.net
