Marine Mortgage/Loan

as400

Has anyone any experience with this?....what is the usual minimum deposit needed on a 'floating investment'.....and how is the selling of a floating asset controlled?....eg how would a buyer ascertain if any outstanding finance was existing on a boat?...and would the boat be subject to re-possession if it were sold with finance outstanding in the way a car would be?

HelpWhereIcan

Hi

AFAIk, the minimum deposit is usually 10%.

AFAIK, the lender rather than the purchaser does the checks on ownership and condition before the funds are released for the purchase.

I would have thought that the vessel could be repossessed by the previous if there was an outstanding mortgage balance on it. Afteral until the final payment is made, the asset belongs to the lender and the 'owner' does not have the right to sell it.

We used to have a Marine Broker just around the corner from us, but they have now gone. I would suggest that you find one to talk it through with.

Hope this helps

rach29

Might be worth a chat with Lombard, they certainly used to lend in this situation 2-3 years ago & are very helpful with advice etc