Lender recommendation for 25 year old catamaran?

[rgesner]

Does anyone have a solid recommendation for a good lender who isn't afraid of a 25 year old professionally-build fiberglass catamaran?

[phantomracer]

Originally Posted by rgesner

Does anyone have a solid recommendation for a good lender who isn't afraid of a 25 year old professionally-build fiberglass catamaran?

nope. went through it when we bought Mildred Rose. Anything over about 10 years they wont want to touch. we had to get creative (home equity loan, etc)

[snort]

Yeah, had a similar problem when inquiring about getting a boat loan on an older boat.
How about a lender who deals primarily with boats? Essex?

[phantomracer]

Originally Posted by snort

Yeah, had a similar problem when inquiring about getting a boat loan on an older boat.
How about a lender who deals primarily with boats? Essex?

When I went through it, I tried all the major lenders, they all either said no, or would loan me something like 5-10k. One lender actually laughed and thought i was kidding.

talked with esses in person. the rep was less than useless. She said flat out that they wouldnt do a loan for a 45 year old boat, not matter how nice. I assumed the OP was referring to boat lenders.

10 years seems to be the magic number, YMMV

[Dulcesuenos]

Essex was willing to loan on a 21 yo cat for a couple years ago, did something Change?

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[SailingBo]

Look into LightStream from Suntrust.

[JPA Cate]

Perhaps borrow from a family member?

[valhalla360]

How much are we talking about and who is the "professional"?


Expect them to require a full survey and if it's not a production boat expect them to only loan a portion of the surveyed value.


The problem I see is one off boats by unknown (at least to the bank) professionals are highly variable in terms of value. Much more so than a production boat.


Have you tried your credit union? Our first boat was around 20yrs old and they thought nothing of lending $25k for it.

[ricktara]

Fyi, last fall I borrowed almost 100k on a 15 year old trawler through sterling associates. The lender was Navigant credit Union. I was not previously a member.