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Old 01-11-2015, 16:15   #1
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Location: Valley of the Sun, Gilbert, AZ
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Loan/Lender and taking ownership in the US

I'm looking at a loan for a boat that is in Grenada. The US lender that I have been approve with requires that the boat be state side for the loan transaction. Are there lending companies that do not require this? I understand that the lenders want to be sure on the collateral but this requirement really eliminates financing an out of country (USA) boats. I can't imagine a seller allowing their boat to be relocated prior to the ownership being transferred.

Are there other options for financing?

Thanks for any input,

Craig
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Old 01-11-2015, 16:30   #2
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Re: Loan/Lender and taking ownership in the US

Maybe there's a creative way around this -- like a signed purchase agreement, with a large deposit for more than the ~$4k delivery to the USVI, and wording that the boat is in America at closing... I don't know. Maybe talk to documentation/escrow folks (like ASAP Marine Documentation (I'm not affiliated, just a happy customer)) and see if they have dealt with this before?
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Old 01-11-2015, 18:02   #3
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Re: Loan/Lender and taking ownership in the US

Msponer, thank you. I'll give them a call and see if they know of a way to work around this.


I did ask the present lender we are working with if a US territory would work like USVI or Puerto Rico and they said no. Has to be continental USA.


Craig
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Old 01-11-2015, 18:07   #4
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Re: Loan/Lender and taking ownership in the US

I know that Essex credit has financed boats delivered to Puerto Rico.
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Old 02-11-2015, 08:39   #5
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Re: Loan/Lender and taking ownership in the US

Just be very careful. A foreign registered boat cannot be sold in US waters. I've just been through this myself and the boat first had to be imported by the owners and duty paid before we could complete the sales transaction. The boat was already here on a cruising permit. If you need help with this pm me and I'll give you the contact info of a company that can help with all the documentation.
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Old 03-11-2015, 12:43   #6
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Re: Loan/Lender and taking ownership in the US

As one response alluded to: Is this boat US flag? If not it will probably have to be a cash sale or de-flagged and re-flagged US before it moves. Not impossible but complicated paper work is involved (Builder's Certificate, USCG Bill of Sale CG-1340, Measure Certificate CG-5397, Application For Initial Issue CG-1258 and who knows what else?) It's also not impossible to finance offshore but that's difficult too. Email me, I can probably talk you through a lot of it (no charge) but you will most likely need professional help. Hope fully I can tell you how not to be over-charged. It's not rocket science. Email: jmschmidt@juno.com
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Old 03-11-2015, 13:17   #7
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Re: Loan/Lender and taking ownership in the US

Thank you for the input. More things for my wife and I to think about and research as we move towards the purchase of a boat. We will be meeting the present owners of the boat later this month in Grenada to talk more details.


Craig
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