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I like the 2nd mortgage option, as long as the spread on the rate is in favor for the cash in the bank. Another factor, and I hate to even bring it up, but God forbid you lose the boat in a disaster of some sort, the risk is carried by the lender and your not out the cash. This assumes that insurance will return a depreciated value on the boat etc etc. Let Other People's Money work for you! Oh yeah, you still get to enjoy the sunset!
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