Marine Mortgage/Loans rates and terms

[aybabtme]

I was peeking at Essex Credit as my goto reference for rate to be obtained on long term, high value boats (>500k$). Until the recent spike in interest rates, they seemed to have prices in line-ish with those of a residential mortgage. Long terms and interest rates similar to residential mortgages. But today it looks like the longest terms are 10y, and the rates 12%! Back in June 2022 I got a quote from them at 4.74% which was similar to mortgage rates back then. Today's mortgage rates are at 6-7%, not 12%.

But it seems like that's not the case at all today. Is this across the market, or is it only Essex that's getting out of the marine loan business? Where else should I look?

https://www.essexcredit.com/#/boat-loans

We currently own our current boat in full, but we want to upgrade in 3-4y and that would be using a loan. But at the current cost of things, of course it wouldn't make sense. I expect interest rates to calm down but if the lenders that were servicing the marine industry disappeared or significantly retreated, it will be tough for us and I imagine for the entire industry.