Cash out of late model yacht
Successful business man in Ft Lauderdale, Florida needed a small cash infusion into another business venture. His current assets were all tied up in performing stocks and bonds but and he owned a 2001 Lazzara Yacht. We loaned $300,000 against a $650,000 liquidation value, freeing up fast cash tied up in the borrower’s yacht.
Non US Citizen/Foreign Owner example
Due to excessive documentation requirements, a wealthy borrower from South America faced challenges in obtaining a bank yacht loan. Despite having resided in the United States for many years and owning several condos, the borrower primarily earned money overseas, leading to insufficient financial documentation. Nonetheless, we were able to provide $500,000 towards the purchase of a 2016 Azimut, which had a total purchase price of 1.4 million.
Borrower couldn’t verify enough taxable income for a traditional loan approval. The borrower had a decent credit score and had accumulated a significant amount of cash. As a result of these factors, alternative lender advanced $450,000 against a newer year Sea Ray with a purchase price of $900,000.
Non-Traditional Boat Use example
Borrower struggled to get traditional loan approval due to plans to use the boat for charters in South Florida. Borrower had excellent credit and liquidity. As a result of these factors, we did a first Lien mortgage of $400,000 against a purchase price of $800,000.
For more information visit Private Yacht Finance.