Chicken and Egg Boat Loan

Talked to my banker today. The issue with boat loans through a bank is that regular banks rarely deal with custom boats. The new j70 that I am purchasing does not even exist right now. If you thought like a banker, wouldn’t you want to have an existing tangible boat that you can put a lean on? The boat builder, on the other hand, does not want to build a boat before they get some “I am serious about buying the boat” money. I am not completely happy with the situation right now, but hey, what can I do?

Looks like I may have to self-finance the boat till the boat comes in or part of it.

If I had to do this all over again, I might just go through a Yacht financing firm that only specializes doing boats loans to lower my frustration level.


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