Frustrated, looking for a decent lender? - SailNet Community
 
LinkBack Thread Tools
post #1 of 5 Old 06-05-2003 Thread Starter
Member
 
Join Date: Jun 2002
Posts: 51
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 14
 
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
bdkorth is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 5 Old 06-05-2003
Junior Member
 
Join Date: May 2003
Posts: 10
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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.
texas gal is offline  
Quote Quick Reply Share with Facebook
post #3 of 5 Old 06-11-2003
Junior Member
 
Join Date: Nov 2002
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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!
YachtsByOwner is offline  
Quote Quick Reply Share with Facebook
post #4 of 5 Old 06-18-2003 Thread Starter
Member
 
Join Date: Jun 2002
Posts: 51
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 14
 
Frustrated, looking for a decent lender?

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

Brad
bdkorth is offline  
Quote Quick Reply Share with Facebook
post #5 of 5 Old 06-19-2003
Senior Member
 
Join Date: Nov 2001
Posts: 161
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 14
 
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
Valdare is offline  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
confused and a bit frustrated ovidius Boat Review and Purchase Forum 2 04-19-2003 06:16 AM
Walker Bay a decent dink? jonlgauthier Boat Review and Purchase Forum 3 11-10-2000 04:01 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome