You said 'In the last week I have talked to three marine
mortgage companies (Key Bank, BofA, and Essex) ".
I'd call BofA "slick willies" and not on the same level as Essex. BofA played fast and loose with home mortgages at fairy tale valuations and IIRC they are now facing billions in fines because of it. Essex, on the other hand, specializes in marine finance and so far as I know, hasn't been slapped around at all. At least, not enough to make the papers.
If Essex won't write the loan, your best bet might be to ask them what could make it happen. I think "Dodd-Frank" is just a way of blowing off questions, since there doesn't appear to be anything relevant there except for a lot of "You are going to be way more honest and careful about...." and beyond that, whole law firms now try to interpret the rest.
It seems that most of your assets are in unspecified retirements accounts, and if they've just followed the market they could be giving you a 10-13% ROI so financing
the boat does make great sense. Except, retirement
accounts are usually subject to state law when it comes to a creditor filing a lien against them or trying to collect against them. So if you want to use them as collateral, that may not be possible if your state of residence "protects" them from this. Result? Can't be used as collateral, doesn't exist from the lender's point of view. Similarly, if you are liveaboards and outside of any state...you have no state of residence, then what laws apply to the retirement
accounts? Eh, even more problematic to a lender.
I'd go back to Essex and ask them "What's wrong with this picture?" They don't make money
unless they lend money
, maybe there's a way to make that happen. Or maybe, you need to talk to a clever tax accountant to find a way around funding
this without distributing the retirement accounts. Creating an offshore
corporation, funding it, and ensuring that it buys the mortgage, or something equally weasel-like but legal