Financing majr re-fit. - SailNet Community
 
LinkBack Thread Tools
post #1 of 3 Old 11-05-2003 Thread Starter
Junior Member
 
Join Date: Mar 2000
Posts: 13
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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.
pehrst is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 3 Old 11-05-2003
Moderator
 
Jeff_H's Avatar
 
Join Date: Feb 2000
Location: Annapolis, Md
Posts: 6,904
Thanks: 5
Thanked 152 Times in 124 Posts
Rep Power: 10
     
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.

Jeff
Jeff_H is offline  
Quote Quick Reply Share with Facebook
post #3 of 3 Old 11-06-2003
Member
 
Join Date: Nov 2002
Posts: 84
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 13
 
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.
h37skipper 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
Financing erdagte Boat Review and Purchase Forum 7 12-19-2004 02:19 PM
Key Bank Financing, maybe not so good. chopsy Boat Review and Purchase Forum 5 05-05-2004 09:14 AM
creative financing a boat bobf Boat Review and Purchase Forum 9 06-22-2002 04:02 PM
Financing terms on older boat dmtreff Boat Review and Purchase Forum 0 07-02-2001 10:32 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