Join Date: Aug 2011
Thanked 0 Times in 0 Posts
Rep Power: 0
Re: Financing for Catamaran in Caribbean
Thanks for the replies. I could argue that, not knowing Capta, his brief (terse?) reply could be read as dismissive - treating me like an idiot. But let's put any misunderstandings behind us. Here's a reply I received from a financing broker today that is consistent with all the other feedback I've received ...
"Unfortunately I do not have a bank that will allow a boat to be closed in Tortola or the USVI. The banks have become very fussy about where the boat is physically located. Once you have the boat you can go sailing, but it is just part of their conservative nature after the economy turned a few years ago. I used to have banks that would allow this, but they have all pulled out of the lending market for boats.
If you were to buy a boat in the coastal US, no problem, I have plenty of banks available.
The main criteria is the boat has to be 15 years old or newer. Some banks will go only 15 year terms on catamarans, others will go 20 years, just depends on the banks. They will finance 80%, so if you finance over $100,000 you are more likely to get 20 year terms and lower rates are always the case when it is over $100,000."
I hope other members find this useful.
One alternative is to go with a company like Scott Financial, who have a small number of "approved" Charter Companies with which they will finance boats. Unfortunately "The Moorings" is the only one in the BVI, and they won't take my 13-year-old Cat. So, I may have to buy the boat and Charter it out of an approved Company in Ft Lauderdale, OR, just bite the bullet and pay cash.