I am being told that Liveaboard Boats loans are now impossible

[charliehows]

Originally Posted by Blue Skye

The title says, "I am being told that Liveaboard Boats loans are now impossible". Then, 50 experts tell him that it's not possible and why. Ummm, pretty sure he got that part before he posted But, there are people out there doing it, how?

I'm interested in hearing from those people that are actually cruising and living aboard with a loan/mortgage, as I'm pretty sure that is what Tacoma was asking originally Thanks Dulce for sharing your first hand knowledge

Good question Tacoma, hoping for good answers, or maybe you'll just get more financial advice
__________________
Regards,
Skye

"Here's how I circumvented all the statutes the banks set up to protect their investment, in order to obtain my boat - complete with sufficient detail so that anyone reading this can probably identify me and/or take steps to ensure their financial institution never makes that mistake again"
Good luck to you waiting for a post starting like that, mate.

[scuba0_1]

You didn't know the brightest minds are on this forum just waiting to show you... Lol

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[socaldmax]

Originally Posted by Blue Skye

The title says, "I am being told that Liveaboard Boats loans are now impossible". Then, 50 experts tell him that it's not possible and why. Ummm, pretty sure he got that part before he posted But, there are people out there doing it, how?

I'm interested in hearing from those people that are actually cruising and living aboard with a loan/mortgage, as I'm pretty sure that is what Tacoma was asking originally Thanks Dulce for sharing your first hand knowledge

Good question Tacoma, hoping for good answers, or maybe you'll just get more financial advice

Actually, if you read the posts, he's been told a few different ways to achieve his goal, he just doesn't like what he was told. His question has been answered, if only one were listening.

[Greenhand]

Originally Posted by socaldmax

Actually, if you read the posts, he's been told a few different ways to achieve his goal, he just doesn't like what he was told. His question has been answered, if only one were listening.

We haven't told him how to get exactly what he wants in exactly the way he wants it!

[mpatter894]

maybe this will help I just purchased a boat last month I looked for 1.5 years at new and old boats paid for a few surveys along the way. I looked into loans and if you cant show proof of a residency you wont get a loan because they don't do loans for live aboard any more that's why they want a physical address. I ended up paying cash 100k for a Kelly Peterson 44 its a great bluewater boat and its paid for The surveyor told me after the survey that banks are not really lending money for boats right now and that it was a cash market and I could use it to my advantage.

[roverhi]

Many years ago I applied for a loan to buy a new boat that I intended to live aboard. The VP/Branch Manager of the bank and I had great conversation about sailing, living aboard and further cruising. Told him I'd lived aboard at my last duty station on a much smaller boat so this 35' boat would be no problem. Ended up getting a loan that had payments that were 60% of my net income because of the short term of the loan. Granted, I had a secure job with Uncle Sam, as long as it didn't kill me, so the income stream was virtually guaranteed and pay increases written in stone. What really made it possible was that the bank actually had some say on who it issued loans to.

Today, with Dodd/Franck guaranteeing that banks will get ever larger, the approval process has turned into standards that some gnome in a gov't office has written. They've got their cookie cutters and you'd better fit into it to the letter or your loan won't be approved. Good luck with finding a loan for your boat but wouldn't hold my breath. With the Fed's controlling more and more of our everyday lives, you'd better conform or be SOL.

[Dulcesuenos]

Not sure if you're still working but the wife and I both have good jobs and low debt, etc. It made no difference whether we put half down or more or the minimum and they didn't care if we put all the cash to cover the loan entirely in an account they had access to. The survey was critical, and they only loan 75-80%of survey value which of course you can sway a bit by asking the surveyor. All in all stressful dealing with them and almost drove us to just pay cash.


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[TacomaSailor]

WTF?

I DID NOT ask for advice - I do not need advice!

-We can easily pay cash for the boat but we choose not to
-We can finance the boat if we choose to have a shore side residence but we do not what a shore side residence
-We have very good advisors to manage our money and we have followed their -advice for many years
-We have very good tax people to manage our taxes and we really do not want to pay extra taxes just to own a larger boat

Why is it so important for all the forum participants to:

- answer questions that were not asked
- address "issues" they think important but have no relevance to the original question
- offer advice that could have enormous financial consequences with no real understanding of the circumstances of our situation
- offer advice to commit illegal acts
- berate the OP for personal choices that have no bearing on the original question

SIMPLY - The only question I asked was "has anyone been successful in obtaining a marine mortgage for a liveaboard boat with no shoreside residence"

C'mon guys - stick to the agenda!

[TacomaSailor]

Originally Posted by socaldmax

Actually, if you read the posts, he's been told a few different ways to achieve his goal, he just doesn't like what he was told. His question has been answered, if only one were listening.

And the answer was posted by Dulcesuenos - he and a friend both made a marine mortgage with ESSEX this year in exactly the circumstances I am in.

That is exactly what I was looking for - not the other irrelevant BS offered!

[TacomaSailor]

Originally Posted by Greenhand

We haven't told him how to get exactly what he wants in exactly the way he wants it!

Actually, contrary to what most of the respondents mis-read, Dulcesuenos did tell me exactly what I needed. He and a friend got the loan I am looking for and he did so this year.

So, I just need to change my approach to ESSEX.

Or - am I mis-reading what Dulcesuenos wrote?

[Dulcesuenos]

I don't think your misreading lol, but I did state We aren't full time cruising just yet but our friends are., they may have been working still at the time of their loan but are now retired. Unless something has changed with Essex Since there shouldn't be an issue unless it revolves around working.

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[Wotname]

Originally Posted by TacomaSailor

..........

SIMPLY - The only question I asked was "has anyone been successful in obtaining a marine mortgage for a liveaboard boat with no shoreside residence"

C'mon guys - stick to the agenda!

I reckon the question has been answered very loudly - in the negative.

[socaldmax]

The answer is:

Only 2 loans per yr, and dulcesuenos and his friend already got them. Good luck next yr!

Seriously, I thought you already talked to Essex? Must be some major difference in your situation vs his. Perhaps because they're both still working, part time cruising and you're retired and full time cruising? That's all I can see that's different.

Ask them if a GPS tracking device with satellite link to a website with Google maps interface would make them breathe easier. I deployed about 150 of them during the BP oil spill and they worked great. I got hourly updates on every vessel, marked by name, and could follow tracks back in time all the way to initialization of the unit. Accuracy was good enough I could see which boats were tied next to which at the pier.

Good luck!

[Palarran]

I think it's just your bankers or situation. I'm positive I could finance a boat, almost any boat, and live on it in other countries - 100% positive, with almost any bank.

Loans like this are done all day long provided you can assign something of value to the note that the bank can count on having if you default. Land, property plant and equipment, receivables, inventory, a business in total, US Treasuries, stock certificates, etc.

[Hudson Force]

Originally Posted by TacomaSailor

WTF?

I DID NOT ask for advice - I do not need advice!

-We can easily pay cash for the boat but we choose not to
-We can finance the boat if we choose to have a shore side residence but we do not what a shore side residence
-We have very good advisors to manage our money and we have followed their -advice for many years
-We have very good tax people to manage our taxes and we really do not want to pay extra taxes just to own a larger boat

Why is it so important for all the forum participants to:

- answer questions that were not asked
- address "issues" they think important but have no relevance to the original question
- offer advice that could have enormous financial consequences with no real understanding of the circumstances of our situation
- offer advice to commit illegal acts
- berate the OP for personal choices that have no bearing on the original question

SIMPLY - The only question I asked was "has anyone been successful in obtaining a marine mortgage for a liveaboard boat with no shoreside residence"

C'mon guys - stick to the agenda!

I understand your frustration, but once you introduce a valid topic, like this one, you can not expect to be in command of the entire conversation. There will always be a certain amount of drift and secondary topics will arise as they would in any social discussion. I would suggest that you scroll past those posts that are less interesting to you just as you might not be attentive to everyone at the dinner table.