New lender enters marine mortgage market

Finance for Boats is a Glasgow-based company offering loans from £100,000 to £2 million

A new lender has entered the marine mortgage market offering finance of up to 60% of a boat’s value over terms of three to seven years.

Finance for Boats is working directly with brokers, who will then recommend the company to customers that are looking to borrow to finance a boat purchase.

The company, based in Glasgow, is able to lend from £100,000 to £2 million, with the finance secured against the boat.

Director Iain Thompson said: “Through my love of boating I am aware the marine industry has struggled with finance for boats since 2009 and with my lending contacts have agreed funding from £100,000 to £2 million per application.

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“Sometimes it can be in the interest of the cash buyer to actually finance the boat purchase rather than use their own funds and it can sometimes be the difference between the boat broker completing the sale or not.”

Thompson said his company was able to assess a finance application in 24 hours, but at this point was only offering finance to UK residents, although the boat purchased can be moored overseas.

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