The issue to watch isn't so much the teak but the hardware
. You really want top quality 316 hardware
if possible. The standard teak outdoor stuff hardware may be stainless but probably not marine
grade. You might find some of the teak furniture sold as "some assmebly required". If you replaced all the hardware you might come up with something pretty durable.
These days you can't buy quality Asian Teak furniture cheap
. Even the Edson
stuff is not Asian Teak. The real stuff turns bright red when you sand it and has a lot more natural oil
in the wood. With Edson you'll get the better hardware.