I started the following thread which generated a lot of heat, confusion, and comment:
September 15 I am being told that Liveaboard Boats loans are now impossible
In summary - many banks and brokers told me that it was not possible to make a marine
loan on a boat that is the primary and sole residence when there is no shore side residence.
Since that post the same information was confirmed by marine
underwriters at USAA, Suntrust, US Bank.
NOW - everything has dramatically changed!
I just talked with a higher lever manager in Essex Credit:
- live aboard loans as primary residence are easily done at Essex
- a live aboard loan carries about a 1/2% premium over the same used boat
loan amount that is not a primary residence
- a 25% down payment will be required
- full & detailed information must be provided
> 2 years of 1040s
quote for new boat
> slip rental fees
for new boat
> copies of account statements for all assets
The Essex manager was very helpful, friendly, and easy to work with.
Now - which boat do we want?