Frustrated, looking for a decent lender?

bdkorth · #1 (**permalink**) 06-05-2003

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

texas gal · #2 (**permalink**) 06-05-2003

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.

YachtsByOwner · #3 (**permalink**) 06-11-2003

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!

bdkorth · #4 (**permalink**) 06-18-2003

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

Brad

Valdare · #5 (**permalink**) 06-19-2003

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