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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
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  #1  
Old 06-05-2003
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bdkorth is on a distinguished road
Frustrated, looking for a decent lender?

Hi,

My wife and I are in Idaho, looking to purchase a Cal 2-46 in San Diego. We have been dancing around lenders, each with different requirements, none of them seemingly uniform...

We need to find a lender that can base decisions taking into account debt to income and stated income (I am self employed for about 8 years), and not just make decisions based on line 22 of the tax forms for the last 2 years. Our accountant helped to shelter us from paying taxes, but it makes line 22 look less than beneficial.

Any ideas? We have great credit ratings, only about 17% debt to income, but only one years tax form, last years, that would be helpful at all.

Any input would be appreciated. We are getting highly frustrated.

Thanks,
Brad
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Old 06-05-2003
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texas gal is on a distinguished road
Frustrated, looking for a decent lender?

First things first, are you hooked up with a loan broker? I tried the same bank ( at first ) that handles the home mortgage,checking account etc...They looked at a cruiser like a bass boat and offered ridiculous terms. A quick phone call to the yacht brokers found someone who specializes in finding loans for sailboats and he found people who understood that this was a long term loan and got me great rates. However, we hadn''t tried any creative tax stuff so that is a whole different ball of wax. Just make sure you have someone who specializes in large boat loans going to bat for you and let them shop around.
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Old 06-11-2003
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YachtsByOwner is on a distinguished road
Frustrated, looking for a decent lender?

We have had tremendous success using Russo Marine and have settled into a nice program with them after trying several other Boat Loan companies. I have absolutely no apprehension in recommending my customers to them. Call Jerry Pitts at 410-604-0200, tell him Jim Maier sent you and he''ll get you set up!
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Old 06-18-2003
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bdkorth is on a distinguished road
Frustrated, looking for a decent lender?

Thanks for the responses. They are much appreciated. I will keep working away at it.

Brad
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Old 06-19-2003
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Valdare is on a distinguished road
Frustrated, looking for a decent lender?

Beacon Marine Credit can get the job done quickly. I was approved on less than 48 hours. I have the same issues, own a business income wide range yr to yr. Was not a problem with them. 1-888-656-9400. Rates were excellent.

My problem now is that I need to refinance a charter boat in the USVI and can''t find a bank. This company wouldn''t do that boat but would do my personal boat in the US.


Good Luck
John
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