| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 776.1 | try Yegan Marine | SPCTRM::BURR | | Wed Mar 23 1988 19:41 | 4 |
| Try Yegan Marine Finance in Boston. They are a division of the
Bank of Boston. In the past, they have offered very competitive
10 year fixed rate marine mortgages -- but only for documented vessels.
|
| 776.2 | MNB | USMRM1::GFALVELLA | George Falvella | Thu Mar 24 1988 09:43 | 3 |
| Maryland National Bank also offers attractive rates and quick
commitments. They will also require documentation.
|
| 776.3 | documentation is a problem | CHARON::HOLZER | | Thu Mar 24 1988 11:58 | 14 |
| Presently, my boat is not documented, and would be difficult to
document since it was built in Holland 10 years ago, I don't know
which yard built it. Perhaps I will document it eventually, but
right now it would be great to find a bank which does not require
it.
When I was at the Newport boat show, I did discover a finance
company with a low rate and no documentation requirement. Unfortunately
I can't find their business card and don't remember their name.
The only fact that I recall is that they were from Virgina or Maryland.
So....if anyone has any knowledge of who this might be please
let me know. Thanks.................Rich
|
| 776.4 | Was it Forward Financial, perhaps? | BMT::SAPIENZA | Knowledge applied is wisdom gained. | Thu Mar 24 1988 18:22 | 3 |
|
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| 776.5 | | GRAMPS::WCLARK | Walt Clark | Fri Mar 25 1988 11:22 | 23 |
| Most marine finance outfits do not finance loans themselves but
act as a broker for other financial institutions. They do a lot
of this kind of work and can find you a loan for as good or better
rates than you find yourself, and usually faster.
Yegen is quite good. They offer loans over 10 years on new boats,
and the documentation requirement applies only to loans over some
dollar amount (I cannot remember what amount).
They are fairly conservative, in that there arent any baloon type
loans or daily variable rates in their bag, but the interest rates
and amount of payments credited against the balance (vs interest)
are good.
Another company which is worth talking to is Essex. They offer
several options for financing, depending who they are brokering
for.
I have secured loans thru both and can recommend both.
Walt
|