We currently liveaboard
and have done so off and on for the last 14 years. During about 10 of those years we also had a shore side address at the small apartment we kept. In August 2013 we moved out of the apartment and committed 100% to the boat.
We are now trying to purchase
a much larger boat for our long term live aboard and cruising home. We used a Nordhavn 46 (high quality, big production volume, good sales history
, excellent value retention) as the potential boat to purchase
In the last week I have talked to three marine
mortgage companies (Key Bank, BofA, and Essex) with whom we have a strong history
. I have also talked with four Marine
I previously asked a similar question (How to Finance a One-off Custom Boat?
) when I thought the issue was not being able to find comparable values for the potentail purchase.
I called the mortgage folks back and said, "OK - no custom boat - we want to purchase a production boat with a long history."
ALL was good and the loan was on the table until
- live aboard
- non-US cruising
came up, then the loan was snatched off the table and here I am.
Is every full time live aboard boat cruising in the Bahamas
, and Mexico
owned outright by the captain
and their mate?
The brokers and lenders have all told me the EXACT same story: A marine mortgage for a liveaboard
boat that is the only residence for the inhabitants is almost impossible to make in the current
The fact that we also want to go cruising on the boat, outside the US, for up to five-years makes it absolutely impossible for anyone to lend us money
for that boat purchase.
We offered to put 30% down and to maintain a separate bank account with the full value of the remaining mortgage in it for the lenders protection.
We were repeatedly told that Dodd-Frank financial reform and consumer protection was the cause of the problem. That bill was signed into law almost four-years ago.
Has anyone in the last two years been able to acquire a marine mortgage on a boat
- that they live on full time with no shore side residence
on full time outside the US
We have a near maximum possible credit score, and a very long history of very large mortgages and payoffs.
All the lenders said they would lend us far more than we were asking IF we had a permanent shore side residence that we could document:
- utility accounts in our name
- mortgage or rental payments in our name
or sales contract
in our name
- property tax bills in our name
and at least a 6-month history of the items listed above.