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UK Registered Vessel --> USCG Documented Vessel
My wife and I are currently in the process of purchasing a new to us sailboat. It is our first "Big" sailboat, 28ft, and we are planning on financing the purchase.
We have already been approved for the amount we want to finance, but have now been told by the bank that they cannot complete the loan due to the fact that the boat is registered as Part III British registry. I have also checked with a few other lenders and they have all said the same thing, basically the boat needs to be registered in the US (Or eligible for US registration) before they will loan the money.
The boat itself was previously USCG documented and has never left the US (To my knowledge). The current owners are UK residents who fly here (Mass.) every summer to put her in the water and sail for a few weeks before flying back home. They have only owned the boat since 2013, before that it was a US documented vessel since it was built in 1983.
I will most likely be hiring a documentation specialist to help with this, but was just wondering if anyone has had any experience dealing with this type of situation, and what the process would be for re-documenting, and any other issues that may arise???
Thanks for any help!