At Private Yacht Finance, we provide yacht loans for credit-challenged and other unique situations. Designed for individuals that are purchasing expensive, high-quality pleasure crafts and are having difficulty obtaining a boat loan commitment from traditional banks.
Loan Amount $150,000 Minimum Loan Amount
Minimum Purchase Price $300,000 Minimum Purchase Price
Maximum Loan $750,000 Maximum Loan
Fixed interest only 16 to 17.99% Fixed interest only & fully amortized loans available
Origination Charge 3 to 4 point origination charge
Loan Term Up to 48 month term
Minimum Loan Minimum 12 months
Survey Required on all used boats. paid by borrower Required Lien Recordation: US Coast Guard Ship Mortgage Electronic geo tracking software payable by borrower Completed and signed application for each applicant
Successful business man in Ft Laudersale, 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 were able to loan $300,000 against a $650,000 liquidation value so borrower got the fast cash he needed that was tied up in his yacht.
Borrower was having difficulty obtaining a traditional loan approval as a result of his inability to verify enough taxable income to substantiate the loan advance. 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.
Borrower was from South America and having difficulty obtaining a bank yacht loan due to traditional bank asking for too much documentation. Borrower was wealthy but earned most of his money overseas and his financials were not documented well. Borrower had resided in the United States for many years and owns a few condos he rents out and a home he lives in. We extended $500,000 against a purchase of a 2016 Azimut with a purchase price of 1.4 million.
Borrower was having difficulty obtaining a traditional loan approval because he intended to utilize the boat as a charter vessel in south Florida. Borrower had excellent credit and liquidity. As a result of these factors, we did a first Lien motgage of $400,000 against a purchase price of $800,000.
