Financing for Catamaran in Caribbean - SailNet Community
 
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post #1 of 5 Old 04-05-2013 Thread Starter
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Financing for Catamaran in Caribbean

I'm in the process of buying a used Catamaran and am exploring financing options. Can any recommend a Financing Company that will finance a boat that will kept in the BVIs/USVIs and put into charter occasionally?
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post #2 of 5 Old 04-08-2013
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Re: Financing for Catamaran in Caribbean

ask the bareboat companies

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post #3 of 5 Old 04-08-2013 Thread Starter
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Re: Financing for Catamaran in Caribbean

Hi Capta,

Thanks for your reply. Do you think I haven't contacted Charter Companies? That hasn't worked and I'm just trying to find out if any SailNet members have come up with other solutions?

Cheers

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post #4 of 5 Old 04-08-2013
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Re: Financing for Catamaran in Caribbean

In all fairness, your first post was short with very little detail. Capta made a suggestion that you then met with attitude. Even though you've been a member here since '11, that's not a very good first impression.

If you're a vet, USAA has reportedly been good for financing. I don't know the particulars when it comes to USVI/BVI and chartering and how that affects financing. Good luck, and I'm sure people here have been in your situation before and can offer good advice.
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post #5 of 5 Old 04-10-2013 Thread Starter
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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.
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