This is how it goes....
My lender needs the boat documented so that they can legally put a lien on the boat. They have to be the initiator of the documentation (that is their policy not mine), however the Documentation will be in my name. Once the paper work starts going, the bank will finalize the loan asap. I will not have to wait until I have the documentation in my hands but only for the process to begin.
Thanks to all for your input. All the paperwork on my part is in as of yesterday and hopefully within 2 weeks, I can get started working on my new boat...