Financing majr re-fit. - SailNet Community
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post #1 of 3 Old 11-05-2003 Thread Starter
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Financing majr re-fit.

I have a 33'' X-Yacht (X-102Mk II)from 1985, the original note is almost paid off. Have anyone been able to find a lender which provides for financing for major re-fits ($10K and up).

Thanks in advance.
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post #2 of 3 Old 11-05-2003
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Financing majr re-fit.

I financed my boat through Trident Marine in Annapolis, Md. I was able to provide a breakdown of my costs to bring my boat up to standards and a letter from a marine surveyor indicating that the improved value of the boat would equal what I had in it. I believe that the value used to to determine the percentage of loan to value, which in turn was used to determine the loan rate, was based on that higher value. I am not sure that will help you but you should be able to refinance the boat, paying off your original loan and enough to do the refit.

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post #3 of 3 Old 11-06-2003
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Financing majr re-fit.

Do you have equity in a home? Almost everything we buy is on our home equity loan. It provides some tax deduction and the rates are low. We just refinanced from prime +3% to prime +0%, currently that is 4%. I bought my boat and all the refitting($15k so far) that way. Caution is advised obviously, don''t go overboard.
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